"...George Slopadopoulos..."
Edit.
Although the "starter home more than 1 million" doesn't fit in reality what most people see. So it starts off with some questionable stat. Clownish on both sides.
It depends on the cities and/or states.Although the "starter home more than 1 million" doesn't fit in reality what most people see. So it starts off with some questionable stat. Clownish on both sides.
Jul 26, 2024, 9:26 AM EDT
A record number of US cities now have typical starter homes worth at least $1 million, Zillow reported.
- Typical starter homes are worth at least $1 million in a record 237 US cities, Zillow reported.
- Starter-home prices have appreciated faster than the average property, the firm said.
- Nearly half of these cities are in California, with New York and New Jersey also heavily represented.
On average, homebuyers can find seven-figure starter properties in 237 cities, the firm said, a considerable jump from where values stood five years ago. According to the real-estate agency, only 85 cities had such high prices back then.
Zillow defined typical starter homes as properties in the lower third of values. Given that they're generally on the more affordable side of the market, these serve as an entryway for first-time buyers.
But instead, their recent sharp appreciation likely puts them out of reach for many potential consumers, reflecting a broader pain buyers are facing in the market.
Surging demand and limited home supply have amplified housing unaffordability in recent years. High interest rates have only added to the scarcity problem, as these elevated borrowing rates discouraged many owners from selling.
Buyers have also had to face off against property investors, who snapped up a record share of low-priced homes in 2023's final quarter.
Zillow reported that starter home prices surged 54.1% in the five-year timeframe, outpacing the 49.1% appreciation of typical US homes.
To be sure, the typical starter home is worth $196,611 nationally, which Zillow considers an affordable price tag for the median-income buyers. But, $1 million starter homes can be found in nearly half of all states, it said.
California leads this trend, holding 117 of these cities. New York followed at 31, ahead of New Jersey at 21.
This line-up is identical to a Zillow report from April, which tracked the amount of average US homes worth $1 million. As with starter properties, a record amount of cities saw average home prices reach these highs.
High costs and elevated mortgage rates have recently dented buyer appetite, which Zillow notes could bring about a more balanced market. In June, prices were slashed on nearly a quarter of listed homes, as existing home sales fell to nearly their slowest pace since 2010.
"...George Slopadopoulos..."
Edit.
Ok then move. This isn't the case for most of the innermost US.It depends on the cities and/or states.
Starter homes cost more than $1 million in a record 237 cities
Starter homes cost more than $1 million in a record 237 cities
More cities than ever have typical starter homes worth at least $1 million, Zillow reported.www.businessinsider.com
If you can't understand why this is a problem and reflective of a national issue of poor economic policy I really don't know what to tell you.Ok then move. This isn't the case for most of the innermost US.
People just want to whine about everything.
People need to safeguard themselves against economic changes. To me it's just weak when people complain about economy this or economy that. But that's how I see it.
Here come the mods again.If you can't understand why this is a problem and reflective of a national issue of poor economic policy I really don't know what to tell you.
I'm sorry but this is just not how you convince people you're worth listening to.
Believe me, I get it, you have to be an agent in your own life and rescue, but again the facts are the facts.
You honestly don't see how nationally rising house prices are a bad thing?Here come the mods again.
You don't have to tell me anything. And I'm not trying to convince you.
What is up with this attitude of yours? Why do I even bother replying?Ok then move. This isn't the case for most of the innermost US.
Weak is when people rack up debts through loans (student, car, home), credit cards, etc. during bad economy. They fail to grasp and understand how debt slavery works.To me it's just weak when people complain about economy this or economy that. But that's how I see it.
Weak is always making excuses when it's possible to beat the system.What is up with this attitude of yours? Why do I even bother replying?
Instead of b*tching and whining, how about you step up to become a moderator? What's stopping you from taking on that role? Geez...you clearly harbor a lot of anger for no reason.
Weak is when people rack up debts through loans (student, car, home), credit cards, etc. during bad economy. They fail to grasp and understand how debt slavery works.
how about you step up to become a moderator? What's stopping you from taking on that role?
You don't have to reply.
Why would anyone want him as mod?
And neither do you. But here we are, trying to have a conversation, and when people try to explain the logic you just try and shut down conversation instead.
My response was "man up". All that was necessary in my book but mods gotta mod. You're like glorified, overpaid middle managers.