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.”

  • Soulg@sh.itjust.works
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    3 months ago

    It is how the free market works yes, the problem is that the free market itself is fundamentally broken

    • doodledup@lemmy.world
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      3 months ago

      No it’s not broken just because things are expensive or unaffordable for some. You don’t have to like the system but that doesn’t mean it’s broken.