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"Starter home" will cost >$1 million in 237 cities.
Posted on 7/25/24 at 2:35 pm
Posted on 7/25/24 at 2:35 pm
Half of those are in California. 117 cities in California have a starter home value average of over $1 million.
Nationwide, you can get a starter home for $196k on average.
https://finance.yahoo.com/news/1-million-starter-home-norm-120300606.html
Nationwide, you can get a starter home for $196k on average.
https://finance.yahoo.com/news/1-million-starter-home-norm-120300606.html
21
Posted on 7/25/24 at 2:36 pm to Slippy
Best economy in the nation, obviously
Posted on 7/25/24 at 2:36 pm to Slippy
Live somewhere else.? 
Posted on 7/25/24 at 2:41 pm to Slippy
A starter home doesn't have to be new construction.
Posted on 7/25/24 at 2:42 pm to Slippy
So, wrap your mind around this:
Assuming that Joe and Jane California have a solid $250k of equity in their current home and want to move to one of these "starter homes" and negotiate a price of $1m even.
So, they take a conventional mortgage, say 6%, 30 years, fixed. They are able to bring a full 20% and pay all of their buyer closing costs out of the equity from their last home.
That mortgage (P&I, plus escrow - taxes and insurance) is going to top $5k/month (and hell, maybe $6k because IDK what property taxes are like out there in Commiefornia). American money.
Assuming that Joe and Jane California have a solid $250k of equity in their current home and want to move to one of these "starter homes" and negotiate a price of $1m even.
So, they take a conventional mortgage, say 6%, 30 years, fixed. They are able to bring a full 20% and pay all of their buyer closing costs out of the equity from their last home.
That mortgage (P&I, plus escrow - taxes and insurance) is going to top $5k/month (and hell, maybe $6k because IDK what property taxes are like out there in Commiefornia). American money.
This post was edited on 7/25/24 at 2:44 pm
Posted on 7/25/24 at 2:44 pm to Shexter
quote:
A starter home doesn't have to be new construction.
Where did it say this is new construction?
quote:
The typical "starter home" — defined for this analysis as being among those in the lowest third of home values in a given region — is worth at least $1 million in 237 cities, the highest number of cities ever. Five years ago, there were only 84 such cities.
Posted on 7/25/24 at 2:50 pm to Slippy
You’re not entitled to live in these cities. Live somewhere you can afford.
Posted on 7/25/24 at 2:55 pm to BabyTac
(no message)
This post was edited on 5/4/25 at 6:18 pm
Posted on 7/25/24 at 2:55 pm to Slippy
In Dallas it's about $500k for a starter home in a safe area within 30 minute commute of downtown. I make a little over 6 figures and cannot afford to buy a home here. It's very disheartening
Posted on 7/25/24 at 2:58 pm to Limitlesstigers
quote:
Anytime someone complains about housing costs, without fail, there will always be a boomer that tells them to go live in a BFE town with zero job prospects.
And someone like you will then come in and make a ridiculous claim like that. You think Kansas City, Indianapolis, etc are BFE without any job prospects?
He's right. You don't have a "right" to live anywhere you want at a price you can afford. Not sure why that fact is so objectionable.
This post was edited on 7/25/24 at 2:59 pm
Posted on 7/25/24 at 3:01 pm to Limitlesstigers
quote:
Anytime someone complains about housing costs, without fail, there will always be a boomer that tells them to go live in a BFE town with zero job prospects.
why don't people acknolwege the obvious middle ground? You don' need to live right in the heart of the city center with all the big buildisn and you don' have to live an hour away out in pasture country either. Going just 10-15 miles outside of the city into the burbs slashes those prices considerably and there's still shite to do.
Posted on 7/25/24 at 3:02 pm to Slippy
A median home price of $1 million is still fricking insane. To be able to buy it in straight cash, you would need to have at least several million dollars worth of disposable assets so that it doesn’t put you in a financial hole. To be able to afford the down payment, you would need to make between $200,000 and $250,000 yearly.
This post was edited on 7/25/24 at 3:12 pm
Posted on 7/25/24 at 3:04 pm to BabyTac
quote:
You’re not entitled to live in these cities. Live somewhere you can afford.
Factual statement.
Posted on 7/25/24 at 3:14 pm to Slippy
quote:
"Starter home" will cost >$1 million in 237 cities.
Inb4 Boomers seethe and tell the younger generations to wOrK hArDeR and gEt A jOb!!!!!!!!!111
Posted on 7/25/24 at 3:17 pm to jclem11
quote:
Inb4 Boomers seethe and tell the younger generations to wOrK hArDeR and gEt A jOb!!!!!!!!!111
No. Just telling you entitled millennials you don't just get what you want for whatever you want to pay for it. Consider this a life lesson your parents should've taught you a long time ago.
Posted on 7/25/24 at 3:20 pm to Slippy
Even in median suburbs, most starter homes are running close to $300/$400 now. With a 7% interest rate that's at least $3k a month with insurance/taxes.
Median household income in middle class America is about $100k. So that's at least 1/3 of your pre-tax income going towards housing. Seems doable if you have two working adults with good jobs.
Rough out there for the single parents working dead end jobs.
Median household income in middle class America is about $100k. So that's at least 1/3 of your pre-tax income going towards housing. Seems doable if you have two working adults with good jobs.
Rough out there for the single parents working dead end jobs.
Posted on 7/25/24 at 3:20 pm to WG_Dawg
quote:
why don't people acknolwege the obvious middle ground? You don' need to live right in the heart of the city center with all the big buildisn and you don' have to live an hour away out in pasture country either. Going just 10-15 miles outside of the city into the burbs slashes those prices considerably and there's still shite to do.
You must not get out much. The suburbs here are still around $500k for starter homes in safe areas. Richardson, Grapevine, Far North Dallas are transacting at around $275-300 per square foot.
Posted on 7/25/24 at 3:22 pm to LNCHBOX
quote:
Best economy in the nation, obviously
A Top 5 List of other countries where you would rather live would be fascinating.
Posted on 7/25/24 at 3:22 pm to Slippy
In the summer of 2020 a starter home in Germantown/Collierville TN was $280-350k depending on how much space you needed for your family.
By November of 2020 that number was $375-450k due to all the cash offers being thrown around by investment firms.
It's probably higher now but so many people (myself included) will take their 2019-20 mortgage rate to the grave with them so long as things go to plan. They rarely ever fricking do though.
By November of 2020 that number was $375-450k due to all the cash offers being thrown around by investment firms.
It's probably higher now but so many people (myself included) will take their 2019-20 mortgage rate to the grave with them so long as things go to plan. They rarely ever fricking do though.
This post was edited on 7/25/24 at 3:24 pm
Posted on 7/25/24 at 3:25 pm to MC5601
quote:
You must not get out much. The suburbs here are still around $500k for starter homes in safe areas. Richardson, Grapevine, Far North Dallas are transacting at around $275-300 per square foot.
It's almost like there are other places to live than Texas.
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