The cost of starter homes in the United States has escalated to $1 million in 233 cities, transforming the American Dream into a luxury pursuit. This increase is nearly triple the prices from five years ago, highlighting the affordability crisis for first-time buyers. While traditionally expensive states like California and New York lead this surge, other states like Michigan and Missouri are also experiencing significant price hikes. A housing shortage and slowed construction rates post-pandemic are exacerbating these challenges, with national home values rising by 45% since 2020.
"Across 233 US cities, 'starter homes' have officially joined the millionaire's club, turning the American Dream into a luxury listing."
"The price of entry-level homeownership has surged to unprecedented heights in many parts of the United States - almost three times as just five years ago."
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