'Starter homes' cost over $1 million in 117 California cities

3 months ago 8

(NewsNation) — A million dollars used to feel like a lot of money, but nowadays, it's barely enough for a "starter home" in more than 100 California cities, according to new research.

An analysis by Zillow found that the typical "starter home" now costs $1 million or more in a record 237 cities across the U.S., up from 84 cities in 2019. It's a surge that underscores the affordability crisis millions of Americans are facing in today's housing market.

"The number of people who want a home has been growing faster than the number of homes available to them," said Orphe Divounguy, senior economist at Zillow. "When supply lags demand for housing, prices rise across the board."

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