CNBC recently reported on an interesting study by Zillow.
233 cities in the United States have “starter homes” valued at a minimum of $1 million dollars. These are homes that rank at the bottom third in value in their city. This is 3x the number of homes just 5 years ago. 25 states now have cities at this price point.
Here are the top 10 states with the most “starter homes” at $1 million dollars or more:
California 113
New York 32
New Jersey 20
Florida 11
Massachusetts 11
Washington 8
Texas 7
Connecticut 4
Hawaii 4
Maryland 4
Home prices are up roughly 45% since 2020. The mean age for 1st time home buyers is now 38, the highest on record.