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.”
Corporations are buying up these houses faster than individuals and are pricing everyone out of the market. Then they offer them as rentals.
Someone paying the rents? Seems like it’s priced well then. This is how the free market works.
The “free market” has resulted in an average of 27 empty homes per homeless person in America.
https://www.self.inc/info/empty-homes/
Guess it isn’t priced well.
It is how the free market works yes, the problem is that the free market itself is fundamentally broken
