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.”

    • ℍ𝕂-𝟞𝟝@sopuli.xyz
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      3 months ago

      Just chiming in, most people in the world are not paid bi-weekly, monthly seems to be more of a default.

      • smb@lemmy.ml
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        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.