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.”
Large-scale investors buying up housing stock to rent out.
and where are they getting this extra money?
edit: c’mon people the bush and trump tax cuts were trillion dollar gifts to the worst people on earth and their heirs. These people need to be taxed.
Rich people have money.
Rich people buy things us poor can’t. Or more of those things.
Rich people control the markets.
Rich people squeeze the lifeblood out of us peasants.
Only rich people can afford homes.
Rich people raise rents the servants must pay because being homeless is illegal.
EAT THE RICH
The best way to make money is to already have money invested. You take the proceeds from your earlier investments and invest in MORE assets.
In this case it’s real estate.
Rent payments
COVID and free money.