{
  "id": 18732989,
  "title": "Starter homes cost $1 million in a record 242 U.S. cities—proof the affordability crisis has hit the homes meant for first-time buyers",
  "url": "https://urgent.news/2026/11/07/starter-homes-cost-1-million-in-a-record-242-u-s-cities-proof-the",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-07T14:27:20.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/article/starter-homes-cost-1-million-in-a-record-242-us-cities-affordability-crisis-younger-buyers/"
  },
  "original_language": "en",
  "account": "A record 242 U.S. cities now have starter homes priced at $1 million or more, triple the 80 cities that reached this threshold before the pandemic, according to a Zillow report from June. This surge in million-dollar starter homes, especially in the Northeast, has hit first-time buyers the hardest. New Jersey, for instance, went from just one city with a $1 million starter home before the pandemic to 26 now. New York, too, saw its number of such cities jump from 12 to 41. The New York City metro area now boasts 63 cities with starter homes costing $1 million or more.\n\nThe typical first-time homebuyer is now 40 years old, an all-time high according to the National Association of Realtors. First-time homebuying has dropped to half the historical norm, with younger buyers aging out of the market. This trend, coupled with a housing shortage exacerbated by the pandemic and low mortgage rates, has made affording a home nearly impossible for many.\n\nZillow defines a starter home as one in the lowest third of home values in its region. As of June, the typical starter home nationwide was worth $198,649, while in over 200 U.S. cities, starter home prices are five times that amount. This rapid escalation is a nationwide phenomenon, not just a California problem anymore. Before 2020, coastal cities dominated the list of $1 million starter home cities, but now 26 states have at least one, with Texas, Wyoming, and Illinois each having multiple. California still leads with 105 such cities, but the Northeast is experiencing the fastest growth.\n\nDespite some signs of improvement, the financial burden remains immense for young buyers in areas with $1 million starter homes.",
  "summary": "The first rung on the property ladder now costs seven figures in a record 242 cities, a new Zillow report shows.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}