$1 Million Starter Homes Now Common in 237 U.S. Cities

Housing affordability crisis intensifies as high mortgage rates and limited supply drive up prices.

The number of cities with $1 million starter homes has nearly tripled since 2019, reaching 237.
California leads with 117 cities, followed by New York and New Jersey with 31 and 21 cities respectively.
Nationwide, starter home values have surged 54.1% over the past five years.
High mortgage rates and a housing shortage are key factors behind the rising prices.
Increased housing inventory may offer some relief to prospective buyers.