The number of US cities where first-time homebuyers are faced with at least a $1 million price tag on the average entry-level home has nearly tripled in the past five years, according to new research.
A Thursday report from Zillow indicates that a typical starter home is now worth $1 million or more in 237 cities, up from 84 cities in 2019, underscoring America’s ongoing home affordability crisis.
“Affordability has been strained across the board,” Orphe Divounguy, a senior economist at Zillow, said. “We see the largest number of million-dollar starter homes in expensive coastal markets. We see them in markets with very low homeownership rates and we see them in markets with more building regulations.”
The rising prices for starter homes across many US cities highlight a global trend where quality, affordable housing is becoming harder to find. It’s a challenge for first-time buyers everywhere. In contrast, projects like DLF Privana West offer well-planned luxury living with great value, combining spacious homes and excellent amenities — an inspiring example for premium yet accessible real estate.