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Voltaire2

(15,377 posts)

39. The cited article was specifically about the increase

Sun Jul 28, 2024, 09:03 PM

Jul 2024

in the number of cities with 1M+ average price for ‘starter homes’. It was clear that there are still lots of cities and towns and villages with much lower average ‘starter home’ prices.

If the article is accurate then there are fewer cities that are affordable places to buy a first house.

If the article is accurate it is reporting a significant change in housing affordability.

We all know intuitively that there has been a significant adverse change in housing affordability. This article provides evidence pointing at the reality of that, confirming our intuitions.

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A $1 million starter home is now the norm in more than 200 US cities [View all] Yo_Mama_Been_Loggin Jul 2024 OP

Wow. Just wow. I guess I knew that this moment was coming when I kept reading about the constantly SWBTATTReg Jul 2024 #1

Thanks, I saw this but forgot to post. Truly a new era.. appalachiablue Jul 2024 #2

Housing prices in general have tripled in the last 5 years in my state, imagine its that way all over. nt ImNotGod Jul 2024 #3

That isn't even counting the taxes and maintenance for these money pits. valleyrogue Jul 2024 #4

Rental prices in the same areas have also undergone a similar massive increase. Voltaire2 Jul 2024 #5

And I think you're right. Somewhere along the road, someone thought "Hey, flip these homes and make some SWBTATTReg Jul 2024 #6

Apartments are even more expensive than houses Zoomie1986 Jul 2024 #10

Disagree The Revolution Jul 2024 #20

Also you get back mortage interest plus expenses in tax returns yearly. brush Jul 2024 #27

You cannot deduct expenses for personal property. Voltaire2 Jul 2024 #38

I don't know about but my mortgage interest substantially increases my tax return. brush Jul 2024 #41

Renters need to be helped FIRST. valleyrogue Jul 2024 #7

Funny, I was just browsing real estate listings in my area and a new listing caught my eye. Vinca Jul 2024 #8

Consider yourself lucky. Nothing in the Bay Area is going for less than $1.25 million. PeaceWave Jul 2024 #9

Not so unusual, really. MineralMan Jul 2024 #11

How is it "exaggeration?" Labor and materials costs have gone up. PeaceWave Jul 2024 #12

The exaggeration is in limiting such statements MineralMan Jul 2024 #13

Out of curiosity, I just looked up the cheapest detached house in Palo Alto...$1.87 million. PeaceWave Jul 2024 #14

You're not paying attention. MineralMan Jul 2024 #15

I'm paying attention. I just don't want to live anywhere other than California. PeaceWave Jul 2024 #17

OK. I dont mind. MineralMan Jul 2024 #18

The cited article was specifically about the increase Voltaire2 Jul 2024 #39

That's true, and people who read the article will know that. MineralMan Jul 2024 #43

We brought our home in 1993 in SF for $260,000 kimbutgar Jul 2024 #16

But you have that house. MineralMan Jul 2024 #19

I also inherited my parents home they brought in 1955 for $12,000 kimbutgar Jul 2024 #28

Want to know why? Because people want to live there... brooklynite Jul 2024 #21

Yep Yo_Mama_Been_Loggin Jul 2024 #24

And yet, home ownership rates are largely static Johnny2X2X Jul 2024 #22

I clicked on the link senseandsensibility Jul 2024 #23

If the average is 1M, then many homes go for less then that Kaleva Jul 2024 #25

It was bottom third...like median a better measure of average than mean JT45242 Jul 2024 #32

I wonder how wide a range the bottom third covers? Kaleva Jul 2024 #36

And as long as fools keep buying them... Think. Again. Jul 2024 #26

Why are they fools? brooklynite Jul 2024 #30

I think very few are hoping for it True Dough Jul 2024 #29

A starter home is typically 2-3 bdrms, 2 baths, small yard, garage. brush Jul 2024 #31

In Sacramento, my 4 Bed 3.1 Bath goes for 500K padfun Jul 2024 #33

My slightly less than 1000 sq ft, 3 bdr, 1 bath, single car garage house is appraised at 500k. Yo_Mama_Been_Loggin Jul 2024 #37

Menlo Park, Ca cheapest house on Zillow is $1.6. 2 bed/1bath built in 1937!! Crazy!! MenloParque Jul 2024 #34

Vulture Captalists trying to create another crash. Clouds Passing Jul 2024 #35

20 x 40 log home built in 2000. 1600 total sf of living space (3 floors). OAITW r.2.0 Jul 2024 #40

1983 we paid $74,900 for a starter home RussBLib Jul 2024 #42