In 242 US Cities, 'Starter' Homes Cost $1M

In more places than ever, the "starter" home now comes with a seven-figure price tag, reports Axios. The story cites a Zillow analysis that counts 242 US cities where entry-level homes typically cost $1 million or more, up from 226 last year and just 80 before the pandemic. The shift isn't limited to the coasts, though California dominates with 105 such cities. In all, 26 states now have at least one market where homes average $1 million-plus, up from nine before the pandemic. It's "a cautionary tale of what happens when we don't build enough to meet demand," says Zillow economist Kara Ng. Here are the states with the most million-dollar starter-market cities:

1. California, 105 cities
2. New York, 41
3. New Jersey, 26
4. Florida, 11
5. Massachusetts, 10
6. Washington, 8
7. Texas, 7
8. Connecticut, Hawaii, and Maryland are tied at 4.

See the full report, which notes that, nationally, the typical starter home comes in at an easier-to-take $198,000.