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.”

  • tpihkal@lemmy.world
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    4 months ago

    You’re not making sense. What is the difference between “a weeks pay” and a “whole pay check”?

    • expatriado@lemmy.world
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      4 months ago

      i agree is not clear, but i assume this person means 1 week pay vs full month salary to pay for mortgage, since the increased house prices and interest rates, a double whammy

    • Spacehooks@reddthat.com
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      4 months ago

      Oh sorry monthly. Price rose to 3x initial monthly value. So not quite my whole pay check but basically.