The million dollar starter home

From National Mortgage Professional:

Starter Home Prices Topple $1M In More U.S. Cities

The barriers towards homeownership continue to mount for more first-time homebuyers, with Zillow reporting that the number of million-dollar starter homes has tripled since 2019. In more than 200 U.S. cities, buyers will find a price tag of $1 million or more on the typical starter home.

In Zillow’s analysis, “starter homes” were defined as those in the lowest third of home values in a given region. Five years ago, only 84 cities across the nation had starter homes worth at least $1 million, but that has now jumped to a record high 237 cities. Exactly half of all states have at least one city with a typical starter home worth $1 million or more.

Throughout the rest of the nation, the typical starter home is worth $196,611, which is comfortably affordable for a median-income household. However, the housing shortage that worsened over the pandemic has propelled home prices to new heights. Starter home values grew 54% over the past five years, even more than the 49.1% increase for the typical U.S. home in the same time frame. Zillow analysts concluded that soaring costs of homes have delayed the first home purchase for many, pushing the median age of first-time buyers to 35 years old last year. That is a year older than in 2019. 

Orphe Divounguy, a senior economist at Zillow, emphasized that homebuyers are battling affordability and availability so much that a $1 million starter home is a bargain in their region. Yet, he added, things may turn around first-time buyers soon enough.

Among metropolitan areas, the New York City metro, which includes parts of New Jersey and Pennsylvania, has the most cities with million-dollar starter homes, at 48. The San Francisco metro has the next highest count at 44, followed by Los Angeles (35), San Jose (15), and Miami (8) and Seattle (8). Irvine, with a population of more than 300,000, is the biggest city with $1 million starter homes.

This entry was posted in Demographics, Economics, Employment, Housing Bubble. Bookmark the permalink.

52 Responses to The million dollar starter home

  1. grim says:

    Vance turning out to be a total liability, Dems exploiting this to their benefit. We have a race again.

  2. Hughesrep says:

    Media loves a horse race.

    Dem VP has to bring a state to the table.

    Newsom does nothing, CA isn’t in play.

    Kelly / Shapiro / Whitmer or someone else from the upper Midwest. Guy from MN is getting some run.

  3. Jim says:

    Camalla looking like a shoe in, its her race to lose.

  4. 1987 condo says:

    Lib, thanks for the painter info! (Sorry for delay, was traveling)

  5. Juice Box says:

    Nah the Vice President got the job because Biden needed a non-white female on the ticket, and was selected to replace him with no primary by Nancy Pelosi and other power brokers. She is less like-able than Hillary Clinton right now and that is allot to over come in 98 days.

    The latest media blitz is however impressive, in one week countless stories and well social media and google search etc are gaming search results doing their best to give her free advertising and burnish VP Harris’s thin resume with all the puff pieces written in the last few days.

    I’d say when we actually get a decent VP pick and maybe even a contested DNC convention where VP Harris defeats all challengers in a public setting she may have a chance. One week or so until the roll call vote expect a DNC delegate vote landslide as there is literally only ONE CHOICE on the ballot and everyone will know the fix is in. Putin himself could not have accomplished a better result.

  6. Chad Powers says:

    Some people have said Biden picked Harris as an insurance policy that he wouldn’t be replaced. That appeared somewhat true, however Biden was apparently pushed out by Obama in night of the long knives if you believe the recent article by Seymour Hersh that Obama and Harris threatened to invoke the 25th Amendment to remove Biden. Now in our current situation Harris is a weak and unaccomplished candidate in way over her head. Any strong VP pick will overshadow her. Therefore who does Harris pick as her insurance policy? She needs Democrat who is even weaker and more ineffective than she has been.

  7. Fast Eddie says:

    Among metropolitan areas, the New York City metro, which includes parts of New Jersey and Pennsylvania, has the most cities with million-dollar starter homes, at 48.

    When that cape in Fair Lawn on a 60 x 100 lot sells for $1 million, I’ll know we’ve arrived.

  8. SmallGovConservative says:

    grim says:
    July 30, 2024 at 5:39 am
    “We have a race again.”

    Sounds like some of the blue state stooges were on the ‘Cucks for Carmella’ call yesterday. Could she win? Sure, just like Maduro ‘won’ in Venezuela. Very little difference between the Dems and the Venezuelan Socialists — except that Maduro and his crew only jail their opponents, while the Dems try to shoot them as well.

  9. Fast Eddie says:

    Could she win?

    Russia, China, North Korea and Iran are rooting for her like a race horse in the home stretch at Belmont.

  10. 3b says:

    Fast: If Harris wins , she will be no match for Putin and Xi, or any of the other world leaders. Of course, I am just saying this because I am a racist and a sexist. Harris is an excellent candidate. Accomplished and competent, and no one can read off a teleprompter like she can.

  11. 3b says:

    Fast: And when the shit hits the fan and it will, the people who bought the one million dollar cape in Fair Lawn will be crying that they did not know, and they need to be bailed out.

  12. 3b says:

    Cooper of NC removes himself from VP consideration.

  13. BRT says:

    Juice,

    it goes to show you that all of those media people take their points from a central location

  14. Fast Eddie says:

    The left are diabolical geniuses. Their level of manipulation is masterful. It makes the right look like newbies without a clue. How do you hide Karmella’s failures, lack of experience and zero personality? Create a story to outrage the masses. Example: term limits for SCOTUS! Yes, it’s an outrage! They must have term limits! Not congress, but SCOTUS. And SCOTUS is one branch of the federal government, mind you. It doesn’t matter, the moderate IQ muppets don’t have the ability to reason. Just anger them to fight for your cause.

    Another thing is media, s0cial media and everything where the younger crowd gets their “news”. It isn’t news, it’s propaganda displayed as news. Once again, follow the shiny hanging thing. The right is unconscious when it comes to distracting eyeballs. It’s gotten to the point now where every search I do, every piece of information I look for has gone from skewing a bit left to an outright MSNBC rage on steroids. It’s like Joe Pesci in Casino where he’s throwing cards at the dealer until he gets Black Jack.

    If she wins (or is anointed), just pray there’s no major escalation globally and congress is balanced enough to stop her from turning us into Venezuela.

  15. Libturd says:

    A couple of facts.

    When HRC lost to Trump, she was ahead in every poll except the Rasmussen, which always leaned Right. KH is behind in nearly every single poll except one poll that came out immediately after the decision to replace Biden with her was made. Yes, polls can be wrong, like they were in 2016. But I doubt they would completely change directions, wrong. Especially when this election is a direct parallel to the 2016 election.

    IMO, the reason HRC didn’t do well was because she didn’t get out the vote, especially from white men, who Trump seems to attract most likely due to his caveman mentality on the improper treatment of women. If a white woman couldn’t attract woman, well a black woman is likely going to do worse.

    Kamala did not do well in the presidential primary in 2020. She was not among the final five who acquiesced to let Biden win. She had dropped out long before then. Worse yet, in the first debate, she gained some popularity only through the use of her bullshit race card, forced integration, civil rights leader story. If you all recall, she attacked Biden on it. By the second debate, everyone knew the truth and Biden and now Gabbard attacked her record as AG which was far from stellar and probably has a lot to do with the mass emigration of Californian’s that we are seeing today.

    In 2019, Kamala was ranked the furthest Left Senator in DC. I think the country wants a centrist way more than someone at the extremes to lead. Especially the swing voters. If they wanted someone far right or far left, they would have already committed to Trump or Biden.

    So far, in eight days, Kamala has not differentiated herself in any way from Biden policy-wise. All she has done is talk about race. And don’t fool yourselves for one minute. When she talks of her accomplishments in California, they are all race-related. From the death penalty to bail reform. She is a one-trick pony and Trump is going to attack her for it, for which she always gets angry. Then instead of making coherent points to defend herself, she fumbles terribly. Just watch.

    Remember, Kamala is only where she is now since Biden needed the black vote to win the 2020 primary and this decision was probably brokered by Pelosi for Jim Clyburn’s endorsement. Without that endorsement, Biden was toast. That endorsement is what turned the entire primary around for Biden.

    I could go one, but the moral of the story is pretty clear.

    From the time Kamala went to Europe and sucked balls in 2022 until the third week in July of 2024, Kamala was put in Biden’s cave by the DNC. In the 8 days since, the DNC is trying to play her as the second coming of Barrack Obama. Only the wonks are going to bite. If Trump didn’t screw up with his JD Vance pick, the election would have been an afterthought. It probably still is.

  16. 3b says:

    Shapiro will not be picked as VP because he is Jewish and that will anger the radical left in the Democrats party.

  17. Juice Box says:

    Gotta get that coronation done fast..DNC delegate vote in hurry up offense now they moved the date to August 1st. LoL!!!!

    Comrades there is only box to check, just check the box and keep your patronage job..any Non-conformity means re-education…

    https://www.cbsnews.com/news/dnc-virtual-roll-call-2024-how-it-works/

  18. SomeOne says:

    SmallGovConservative 9:17 am. Stay classy!

    Some guys had an online fundraiser and raised $4M, and you get upset? Should be a non-news.

  19. SomeOne says:

    3b, using your logic, Harris should drop her husband because he is Jewish… Say it!

  20. SomeOne says:

    Eddie, if Harris wins, and the economy grows, high earners will help subsidize your lifestyle, just like you used to during DJT’s term.

  21. Fast Eddie says:

    Eddie, if Harris wins, and the economy grows, high earners will help subsidize your lifestyle, just like you used to during DJT’s term.

    ‘splain, please. Bonuses? Raises?

  22. LAX says:

    I dunno fellas. I don’t think Kamala faces our adversaries “alone” and I am not particularly impressed by a rambling, spineless conman to have America’s best interests in mind.

  23. Libturd says:

    LAX,

    Here is the big issue and you’ll most likely agree with me on it. This happens all of the time when I argue with Gator too. I’ll point out an issue with a candidate on the left and she immediately responds with any number of a 1,000 completely fucked up things that Trump did or does and she is right. No amount of corruption and greed from the left can be compared to taking away a woman’s right to choose from the right for example. And that’s an extreme one. But where Democrats sometimes police themselves, MAGA just ignores their improprieties like it never happened. Always fake news. Always an excuse. Usually, it’s forgotten quicker than it’s reported. But that’s really not the issue. The issue is that MAGA supporters simply don’t care. Insurrection? Nah. Felonies? Nah. As a matter of fact, the more darkness that is revealed, the more empowered MAGA becomes. Of course, this is because MAGA can do no wrong.

    Now liberals, they tend to bail on their problematic members. Not always, but more often than not. And these snafoos don’t empower the left. They take them to heart and question the decisions of their leaders. If there is one thing that the right is correct about, it’s that the left is a bunch of pussies. So when elections come around, the Dems think about Menendez and sleepy Joe and stay home. MAGA supporters revel in their fuckeduppery and dance their way to the polls, happy to be the oblivious idiots that they are.

    My work is done here.

    Wait. One more example. Libs wear pussy hats and white pantsuits. MAGA proudly hangs flags from their homes and trucks that read, “Fuck Biden!”

  24. chicagofinance says:

    Stu: e-mailed your yahoo account.

  25. 3b says:

    Someone: That is a dumb comment on your part, sorry, but it is. Comparing Harris’s husband who is Jewish to the selection of a VP who is Jewish makes absolutely no sense.

    There have been rumblings on the radical left side of the Democratic party that a Jewish would not be welcomed, Gaza Policy, Israel , and all of that. (Democrats and the left can be anti-Semites too). How you compare the selection of a Jewish VP by the Democrats in this current environment with the fact that Harris’s husband is Jewish, is beyond me.

  26. Fast Eddie says:

    Libs wear pussy hats and white pantsuits. MAGA proudly hangs flags from their homes and trucks that read, “Fuck Biden!”

    Now ya talkin’! And I love your use of the word, ‘fuckeduppery’. Anything with and added ‘..ery’ drives home the point. Douchebaggery, skullduggery, scumbagerry, asshattery, etc. is always useful.

  27. Libturd says:

    Noted!

  28. 3b says:

    Lib: You lost me on Liberals take their failings to heart. You can’t really believe that.

  29. 3b says:

    Israel strikes Hezbollah in Beirut.

  30. Libturd says:

    3b,

    Tell that to Al Franken.

    Last I looked Mitch McConnell is still serving after this.

    https://www.wsj.com/video/watch-mitch-mcconnell-freezes-while-taking-questions-from-media/7A2694C9-CFE0-4B43-907B-55CBD7DC4FE9

  31. Libturd says:

    “Israel strikes Hezbollah in Beirut.”

    Good.

  32. 3b says:

    Lib: Democrats hid Biden’s decline, and scorned anyone who questioned it. Now, they are rewriting the Harris narrative, and don’t you dare question her competence to be President. As for Franken, that was some years ago, big difference between now and then.

    As for Mitch Mc Connell, somewhat fair point, but he has apparently been Ok since then. When comparing him to Biden, he had one instance, whereas Biden had multiple instances. And, in the end it was Pelosi, Schumer, and Obama that ruthlessly got rid of Biden, who did not want to go.

  33. SomeOne says:

    Eddie,

    ‘splain, please. Bonuses? Raises?
    and capital gains.

  34. Libturd says:

    But Biden did go away and that McConnell freeze was worse than any Biden feebleness.

    But yes, I did not say always. I think in general, my statement still applies. In general.

  35. 3b says:

    Lib: I won’t argue, but the Biden performance at the debate was worse then the Mc Connel freeze, and Biden President, Mc Connell not. And of course all the other Biden incidents over the last few years. I think you are stretching here.

  36. SomeOne says:

    3b 1:39, fair enough…

    That said, Shapiro has been restrained in terms of his response. I’ve seen one or two fairly angry responses: ranging from Lib to John Fetterman. Shapiro is very measured.

    Politically, it may become more of who can connect with people more. Kelly/Giffords pair maybe something that can be very appealing to voters (and God forbid if DJT or
    Vance makes vulgar comments about someone like Giffords…)

  37. BRT says:

    Mitch needs to go. He’s about a year away of being carted around on a chair being told what to vote ala Dianne Feinstein. That was probably the most pathetic event I’ve seen in US politics. Biden would be there in about a year as well.

  38. LAX says:

    1:32 absolutely- what else would you expect?? The grass roots GOP folks are the “D” students. Look for a book in their homes? You won’t find one. Ask an in depth question about World affairs? You’ll get a blank stare. These also are people hiding behind some notion of “forgiveness” in Christianity which gives them an excuse for any bad behavior. It’s a cult and you’re not in it.

  39. Libturd says:

    I don’t deny Biden’s feebleness. Though I still think he declined rapidly in the past year. He was always an old man. He really fell apart as of late. Nonetheless, he did step aside when he had to. But again, I would take his policies and performance over Trump’s even if they had to turn the White House into a nursing home. Not for one minute did I believe he was making any decisions. It was clear he was chosen because of his tenure and willingness to listen to party operatives.

    Lefty wants us to believe Trump will be more centrist in his second term. After his destruction of the Supreme Court and his continued pandering to the Christian Right, I think it’s dangerous to play wait and see. He claims that Heritage Foundation plan is not his. Yet it is written by a ton of people who served in his administration who were extremely loyal to him. That Heritage plan is stunning in it’s absolute disregard for the separation of church and state. It reads much like the Lakewood playbook. I need not explain it. You all know how it works. We don’t need America to be run like the Taliban. Unfortunately, I fear that is the direction we are going in. No gay marriage. Defunding public schools and shifting the funds to religious schools. National Abortion Ban. Etc.

  40. leftwing says:

    “I’d say when we actually get a decent VP pick and maybe even a contested DNC convention…”

    No contest coming at DNC lol.

    Kamala is surfing the same bump all candidates do when they close the nomination, which will continue through the convention. Shortly thereafter, the afterglow will be gone.

    Still frightened by the near certainty of DJT’s ability to step on his own dick pulling defeat from the jaws of victory….

    VP pick, post-convention, won’t do her any favors unless it is a sympathy fuck, a la Kelly/Giffords.

  41. 3b says:

    BRT: I agree too, Mc Connell should have left after his episode. I find it ironic however that Biden wants term limits for the Supreme Court, this from the man who has spent 50 plus years in Washington. I would want term limits and age limits for members of the house and senate before the Supreme Court.

  42. leftwing says:

    “Lefty wants us to believe Trump will be more centrist in his second term.”

    When the fuck did I say that?!

    “He claims that Heritage Foundation plan is not his.”

    Uhhhmmmmm….because it’s not. They’re a right wing think tank. The sole purpose of their existence is to stake farther out claims and try to convert Congress-critters on one side of the aisle to lean further that way. They aren’t elected and don’t vote…

    Ascribing Project 2025 as a ‘Trump Blueprint’ is about as accurate as taking the most left wing member of Congress’s views and saying that is the ‘blueprint’ for Kamala, etc.

  43. 3b says:

    Lib: Trump is pandering to the Christian right, and Biden/ Harris are pandering to the radical left, who by the way are quite scary, and have a lot of influence. Both extremes are scary, and they are not what the majority of Americans want.

    It’s why we need a viable 3rd party alternative to the two parties we have now.

  44. Libturd says:

    Agreed.

  45. LAX says:

    Moderate here. The “radical left” has kept a lid on it. The squad, aside from Palestine chatter is fairly sedate these days. Of course, everyone is against Israel except the Jews.
    Same shit, different day.

  46. 3b says:

    LAX: The anti Jewish ( anti semites) are much louder today, and they are on the left. No one on that side condemned the attack on the Golan Heights where children were killed, and they were not Jewish, but rather Druze.

    No one on the left condemned Assad of Syria for murdering tens of thousands of his own people. No campus protests, sit in or boycotts.

  47. D-FENS says:

    You are not a moderate. If you think you are, you’re delusional.

    LAX says:
    July 30, 2024 at 3:25 pm
    Moderate here. The “radical left” has kept a lid on it. The squad, aside from Palestine chatter is fairly sedate these days. Of course, everyone is against Israel except the Jews.
    Same shit, different day.

  48. BRT says:

    They’ll ramp back up in September once school starts again.

  49. Juice box says:

    He man woman haters club.

    Let me know when sparky and alfalfa get credit.

  50. Juice box says:

    He man woman haters club.

    Let me know when spankly and alfalfa get credit.

  51. LAX says:

    Say her name.

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