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Starter homes top $1M in 233 cities: Zillow

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A new Zillow report shows $1 million starter homes are no longer just a California problem.
The article from Yahoo News discusses the escalating prices of starter homes in the U.S., with a focus on how the median price for such homes has surpassed $233,000, and in some areas like San Francisco and San Jose, the cost has soared above $1 million. This surge is attributed to a combination of factors including low inventory, high demand, and the impact of remote work allowing buyers to purchase in more expensive areas. The article highlights the challenges faced by first-time homebuyers, particularly younger generations, who are finding it increasingly difficult to enter the housing market due to these high prices. It also notes regional variations, with the Northeast and West experiencing the highest costs, while the Midwest offers relatively more affordable options. The piece concludes by suggesting that potential buyers might need to consider alternative strategies, such as buying in less expensive regions or opting for smaller homes, to overcome the barriers posed by the current market conditions.

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[ https://www.yahoo.com/news/starter-homes-top-1m-233-192113188.html ]