A $1 million starter home is now the norm in more than 200 US cities | CNN Business
www.cnn.com
The number of US cities where first-time homebuyers are faced with at least a $1 million price tag on the average entry-level home has nearly tripled in the past five years, according to new research.

The number of US cities where first-time homebuyers are faced with at least a $1 million price tag on the average entry-level home has nearly tripled in the past five years, according to new research.

A Thursday report from Zillow indicates that a typical starter home is now worth $1 million or more in 237 cities, up from 84 cities in 2019, underscoring America’s ongoing home affordability crisis.

“Affordability has been strained across the board,” Orphe Divounguy, a senior economist at Zillow, said. “We see the largest number of million-dollar starter homes in expensive coastal markets. We see them in markets with very low homeownership rates and we see them in markets with more building regulations.”

  • ryathal
    312·
    4 months ago

    20 years is enough to double twice which would be 4x the price. That is how appreciating assets work.

    • ECB@feddit.org
      82·
      4 months ago

      Housing shouldn’t be an (in real-terms) appreciating asset. In the long run that just leads to feudalism.

      Imagine if everything keeps appreciating for 200 years… now only cyborg Elon musk can afford to buy a house.

      • ryathal
        31·
        4 months ago

        With finite land, it’s never going to not be appreciating.

      • ryathal
        35·
        4 months ago

        Mine more than quadrupled in 20 years.

        • tamal3@lemmy.world
          3·
          4 months ago

          Try this: when you first started working, what were people with 20 years of experience making in your industry? How does that compare to what you make with the same 20 years of experience now?

          My income has not doubled in the 10 years I’ve been working full time. But, more importantly, the amount of money people with 10 years of experience were making when I first started is not drastically different from what I am making with the same experience now.