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.”
Precovid houses I could afford with a weeks pay. Now it’s the whole pay check.
You mean rent, right? Right?
No, it was ultra cheap in my region. Cheaper than rent. I begged my partner to by a house since it was HALF our rent for a decent 2014 built house with acres of land. But nooo they want to rent for life. Now that I finally convinced them otherwise I can’t afford it. It causes alot of resentment for me.
Sigh SO different goals caused by huge family trauma is the story of our relationship. In this case SO Family never maintained home and it looks like on it’s way to a Horders house. Literally Bathroom has been torn up for 10 years no work done outside demo. I can see literal floor below me in some parts. And if I offer to help one weekend to finish omfg watch that volcano. Its like reality TV with all the emotions. So the idea of having someone else maintain property was a plus in that traumatized mind. I could go on but I know I’ll reach text limit 6x.
You’re not making sense. What is the difference between “a weeks pay” and a “whole pay check”?
Most people are paid bi-weekly, so every 2 weeks. So the mortgage cost pretty much doubled for them.
My mortgage payment is $1k at 3.5% interest. That is a 15 year mortgage that I have 5 years left on and the payment includes escrow (taxes and insurance) it was in the $850/$900 range but taxes and insurance have increased.
This is a 4 bedroom/2.5 bath with a 3+ car garage in a small town near a largish college town which is 15 minutes away.
We may be getting an advanced transportation research facility as well.
There are “better” communities in the surrounding area with much higher prices due to very high school rankings.
I hate you. Not really but we’re looking at 4 times that if we want to buy.
