A $1 million starter home is now the norm in more than 200 US cities | CNN Business
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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.”

  • the post of tom joad
    81·
    3 months ago

    This is the opinion of someone completely unfamiliar with the current situation of housing, how we got here, or quite frankly economics in general.

    If the beginning and end of your understanding of this issue is supply/demand, you need… NEED to understand that you are objectively incorrect through lack of info. It is not a difference of opinion, you are flat out spittin some stup’ rn

    • Maggoty@lemmy.world
      31·
      3 months ago

      I mean it is supply and demand, it’s just ignorance of the extreme imbalance that’s been created.

      In the rental market there’s a cartel that needs to be dismantled but for buying homes it’s more to do with the vacuum that is wall street investing in those homes as rental properties.