In more than 200 U.S. cities, $1 million only gets you a starter home

Nationwide, a typical first home costs roughly $200,000. But in a growing number of cities across the U.S., that same amount will only cover the down payment. 

Today, amid a nationwide housing deficit and rising mortgage costs, you need at least $1 million for a starter home in 237 cities, according to a Zillow analysis. That's a hefty sum for a place to live that's defined in the report as being in the lowest third of home values in a given region. The new data marks a significant rise from five years ago, when only 84 U.S. cities had starter homes that cost seven figures.