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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[–] tpihkal@lemmy.world 1 points 1 month ago (5 children)

You're not making sense. What is the difference between "a weeks pay" and a "whole pay check"?

[–] FireRetardant@lemmy.world 6 points 1 month ago (2 children)

Most people are paid bi-weekly, so every 2 weeks. So the mortgage cost pretty much doubled for them.

[–] HK65@sopuli.xyz 2 points 1 month ago (1 children)

Just chiming in, most people in the world are not paid bi-weekly, monthly seems to be more of a default.

[–] smb@lemmy.ml 1 points 1 month ago

Price rose to 3x initial monthly value.

most people in the world are not paid bi-weekly,

so to put all pieces together:

most people are payed once only after having worked for it three times that value.

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