The Austinarea is home to three communities where the typical starter home costs $1 million or more, according to new Zillow data shared with Axios.
We had zero five years ago.
The big picture: A record 242 American communities are now faced with seven-figure purchases for entry level homes, per a new Zillow report.
That's up from 226 last year, and 80 pre-Covid in February 2020.
Between the lines: Zillow defines a typical starter house as "a home in the lowest third of home values in a given region."
State of play: The three $1 million-plus communities in the Austin metro area, as of April are:
Rollingwood: $1,685,400 (up from $891,138 in Feb. 2020)
West Lake Hills: $1,385,034 (up from $798,932)
Lost Creek: $1,373,356 (up from $788,179)
Zoom out: Meanwhile, the typical starter home nationwide is $198,649, per Zillow.
Reality check: Austin's number pales to other metros like New York City (63), San Francisco (37) and Los Angeles (33).
Three Bay Area cities' starter homes top $4 million.
The bottom line: "Our list of $1 million starter homes is a cautionary tale of what happens when we don't build enough to meet demand," Zillow senior economist Kara Ng tells Axios.
