Comment on Looking to buy a starter home? They're more expensive than ever.

Looking to buy a starter home? They're more expensive than ever.

Many first-time homebuyers, largely consisting of millennials and Gen Zers, are locked out of homeownership.Jenny Elia Pfeiffer/Getty Images In June, the median sale price for the typical starter home reached an all-time high of $243,000. The income needed to purchase a typical starter home has increased 13% from 2022, to $64,500. Burdened by high costs and limited inventory, many would-be buyers are locked out of homeownership. Buying a home has never been more financially out of reach than it is now.Despite mortgage rates hovering around 7%, US home prices remain high as supply-and-demand imbalances intensify competition among potential buyers.

 

Comment On This Story

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News