Reported 2 months ago
New data from Zillow reveals that over 100 towns across the United States now have starter homes priced at $1 million or more, indicating severe affordability challenges in the housing market. Prices for starter homes have surged by 54.1% over the last five years, significantly outpacing the overall home price increase. This trend has led to a delay in homeownership among young Americans, with the median age of first-time homebuyers rising to 35. Economic factors, including high mortgage rates and a lack of inventory, are compounding these challenges, although recent drops in mortgage rates may provide some relief.
Source: YAHOO