this post was submitted on 27 Jul 2024
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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.”

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[–] whotookkarl@lemmy.world 57 points 4 months ago (15 children)

A side effect of sky rocketing housing prices is the annual tax liability also goes up, so people on a low or fixed income may no longer be able to afford the home they've lived in for decades. It's the same problem that happens when neighborhoods are gentrified.

[–] thegr8goldfish@startrek.website 13 points 4 months ago (3 children)

Some localities limit the increase in taxable value to a fixed percentage, which can combat that. The taxable value of my home is something like 25% of the actual value.

[–] ECB 8 points 4 months ago

Which has the downside that it locks people into their current home because moving would mean losing their favorable rates.

Rising prices are bad for everyone.

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