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.”

  • Flying Squid@lemmy.world
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    3 months ago

    You do realize that you’re calling a house that costs hundreds of thousands of dollars an undesirable shithole, right? I think you’re proving my point.

    • tburkhol@lemmy.world
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      3 months ago

      What exactly is your point? Because my point is that undesirable shitholes costing hundreds of thousands of dollars is a more pressing problem, with different solutions, than not being able to find a house in Beverly Hills under $4M.

      • Flying Squid@lemmy.world
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        3 months ago

        So your point had nothing to do with the article, which isn’t about $4 million Beverly Hills homes (which would be cheap for BH)?