Where starter homes cost at least $1 million

Data: Zillow; Map: Axios Visuals; Note: Starter homes are those in the bottom third of home values in a given areaThere are now 233 U.S. cities where a typical starter home costs at least $1 million — nearly triple the number from March 2020, according to a Zillow report.Why it matters: It's a sharp reminder that homeownership is slipping further out of reach, especially for younger people.The median age of first-time buyers is pushing 40, the oldest on record, data shows.The big picture: Half of all states have at least one city with million-dollar starter homes, up from 10 states five years ago, Zillow found.Minnesota (Minnetonka Beach) and Rhode Island (New Shoreham) recently joined the list. California cities continue to dominate.The latest: Home prices are still climbing, though not as quickly as before, and mortgage rates remain stubbornly high.The median existing home price rose 2.7% to $403,700 in March, the 21st straight month of year-over-year increases, per the National Association of Realtors.What they're saying: "While cities with $1 million starter homes still represent a small piece of American real estate, they are a striking symbol of how the pandemic housing boom reshaped affordability," Zillow's Anushna Prakash wrote in the report.What we're watching: Some may skip starter homes altogether.Roughly 2 in 3 Gen Z renters and 3 in 5 millennial renters say buying a starter home and upsizing later "makes no sense anymore," according to new research by BMO bank.

Comments

World news

India kills at least 26 in airstrikes on Pakistan, increasing tensions

washington times

NYPD riot police arrest Palestine protesters occupying Columbia library as university negotiates with Trump administration over funding

about 1 hour ago

Trump reportedly strikes UK trade deal as he touts announcement with ‘big respected country’

Independent

Comments

World news

India kills at least 26 in airstrikes on Pakistan, increasing tensions

Church's believers, onlookers anticipate outcome of secretive tradition that will decide new pope

Biden's 'floating pier' mission in Gaza failed and cost U.S. soldier's life, oversight report says

NYPD riot police arrest Palestine protesters occupying Columbia library as university negotiates with Trump administration over funding

Trump reportedly strikes UK trade deal as he touts announcement with ‘big respected country’

This journalist broke the news of Germany’s WW2 surrender – then got fired

Chilling warning India and Pakistan conflict will spark nuclear war 'at any time'

All 5 youths involved in swarming attack against Kelowna teen plead guilty

Growing calls for permanent memorial, Filipino cultural centre after Lapu Lapu tragedy

Viral video shows dog owners fined for leaving pup in the sun in Costco parking lot

No explosives found at north Edmonton property, residents cleared to return home

Federal judge temporarily blocks deportations to Libya

NYPD arrests pro-Palestinian demonstrators after Columbia University library protest

Fed leaves rates on hold, warns of "higher risks" to U.S. economy

Trump picks reality show star whose stepson was charged over Jan 6 riot for Holocaust Museum council

Man who police say crashed into Jennifer Aniston's front gate is charged with stalking and vandalism

C-SPAN wants to broadcast Supreme Court arguments for the first time in this Trump case

South Korea says North Korea has fired at least one ballistic missile toward sea

India will 'pay the price' for 'blatant mistake' says Pakistan PM

Putin prepares to host world leaders for Victory Day parade as three-day Ukraine ceasefire begins

Columbia University protests: Two police officers injured after 'outrageous' crowd surge

How Peter Dutton's heartland lost him Australia's election

Pope Francis backed him when he took on a president. Now he's voting in the conclave

Is Ivory Coast's red card politics an own goal for democracy?

'This will be the work of years': The medics identifying remains from Syria's mass graves

The Indian Aircraft Pakistan Says It Shot Down

City of Calgary prepares for a busy construction season ahead

Calgary police shakeup continues as interim chief sworn in, 2 deputy chiefs retire

Vancouver mayor ‘frustrated’ with slow pace to abolish city’s park board

Inquest wraps up in Winnipeg into the 2021 overdose death of Lee Earnshaw

Scoop: Democrats urged to ditch immigration message after Biden failures

Hard truths slam Mike Johnson on "one big, beautiful bill"

Trump declares national holidays to celebrate the victories of WWI and WWII

China suspected of using 4 Cuban bases to spy on U.S.

Chinese President Xi arrives in Moscow following massive Ukraine drone strike

Congress digs into China's alleged theft of America's AI secrets

What to know about the conclave to elect the next pope

Brazilian state's deforestation amnesty poses 'one of the greatest threats' to the Amazon

Russia's 100,000 blogger-army laid bare in horrifying 'cover-up' warfare

Jerome Powell keeps interest rates the same — and ignores Trump

Over 19 billion passwords have been leaked in security ‘crisis’ – here’s how to check if yours is vulnerable

NY Times reporter filed HR complaint because editor threatened to ‘kill’ him over story length

RFK Jr orders huge Medicare data autism study

Tyre Nichols remembered as beautiful soul with creative eye

Pennsylvania House advances bill legalizing recreational marijuana

GoFundMe removes fundraiser for man who fatally hit deputy with car after son was killed by police

NASA is prepping Mars missions for next year – a shift in priorities that will likely benefit Elon Musk

US is pushing Starlink on nations facing tariffs as Musk stands to benefit from trade deals: report

Report reveals new details into New York helicopter crash that killed six

RFK Jr. announces controversial plan to research autism with Medicare and Medicaid data lists

Man accused of trying to abduct a child at Walmart released on bond after new video surfaces

Fighter jet goes overboard from USS Harry S Truman. Yemen's Houthis assess Sanaa airport damage

Sask. NDP introduces bill to change referendum legislation

Arsenal knocked out of Champions League

Iran rejects reports of alleged plot to target Israeli embassy in London

Trump&#8217;s latest deportation scheme is almost certainly illegal

China’s Xi Jinping Travels to Russia for Victory Day

Vladimir Putin declares Ukraine ceasefire as he marks 'Victory Day' in Russia

In the wake of tariffs, cargo at the Port of LA is down 35%

States Sue Trump Administration Over Funding Freeze for EV Charging

Trump’s latest deportation scheme is almost certainly illegal