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.”

  • smb
    link
    fedilink
    English
    arrow-up
    1
    ·
    3 months ago

    Price rose to 3x initial monthly value.

    most people in the world are not paid bi-weekly,

    so to put all pieces together:

    most people are payed once only after having worked for it three times that value.