Typical starter homes worth $1 million in 237 cities, almost triple the pre-pandemic level. Low inventory from Fed rate hikes and high demand increases prices, limiting options for buyers.
Cities with $1 million starter homes concentrated in states like California, New York, New Jersey. Areas with strict building regulations see more $1 million starter homes and lower homeownership rates.
Nationwide, cost of typical starter home increased 54.1% in five years, outpacing overall home prices. Homebuyers now need 35% downpayment compared to traditional 20%. Median-priced homes at least $1 million increased to 550 cities.
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