- cross-posted to:
- housing_bubble_2@lemmy.world
- cross-posted to:
- housing_bubble_2@lemmy.world
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.”
This smells like bullshit. I mean, if they define “Beverly Hills” as a city, I can see where it might be literally true, but I wouldn’t call even the cheapest house in Beverly Hills, Scarsdale, or Paradise Valley a “starter” home. There’s homes in the LA, New York, and Phoenix metros under $3-400k, if you’re not so choosy about the neighborhood.
From a canadian perspective, it sounds believable. About 10 year ago, you could get a new build on half an acre for 350k in my hometown. Today the oldest, run down, needs lots of renovations houses in the city on a quarter acre are going for over 400k. Those 350k new builds are easily into 700-900k range.
My biggest mistake in life was not buying a house fresh out of high school, but i was an “idiot” who looked at housing as a place to live, not an investment.
Stupid millennials, should have saved up our lunch money for a down payment and spent recess house hunting. If only we had known we were supposed to start saving for retirement ten years before we were born…
Im pretty old but I often think about how much better off I would be if I got an associate degree and some certs and then bought a house asap.
It’s almost like we’ve let a ton of rich neighborhoods become cities so they don’t have to pay as much in taxes and they can prevent their staff from living near them. Unless of course they want to live in the “staff quarters”.