A record 242 US cities now have starter homes that cost $1M

A record 242 US cities now have starter homes valued at $1 million or more, nearly triple the 80 cities that had them in February 2020, reflecting how the pandemic housing boom permanently reset home affordability across the country. While California still leads with 105 such cities, New York and New Jersey are experiencing the fastest growth, with the pandemic expanding million-dollar starter homes from primarily coastal states to over two dozen states nationwide. Despite these challenges, affordability conditions are slowly improving as inventory increases and the time to break even on buying versus renting has decreased from over eight years to roughly six years.