this post was submitted on 27 Jul 2024
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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.

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.”

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[–] HubertManne@moist.catsweat.com 1 points 3 months ago (1 children)

Even then. If housing goes up faster than inflation and this is especially bad if its faster than your pay, then if you want to buy a place down the line and then sell your current place. Its going to be harder to swing or impossible.

[–] ChickenLadyLovesLife@lemmy.world 1 points 3 months ago (1 children)

Lol my pay goes up 2.8% per year and the Teamsters act like they won us a victory with that.

[–] HubertManne@moist.catsweat.com 1 points 3 months ago

thats not bad if its been consistantly that high going back awhile