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.”

    • PriorityMotif@lemmy.world
      link
      fedilink
      arrow-up
      3
      ·
      5 months ago

      To be fair my home value has doubled and my taxes and insurance are only going to keep going up. If I sell I’ll be in the same boat as you and probably couldn’t afford to buy something else.