A record 242 US cities now have starter homes that cost $1M

AtlasBarfed

" The housing problem hasn't been solved" This assumes it is a problem that is being addressed. When housing values soar, there are people getting rich off of that. The "solution" is devaluation of people's assets, and all politics is local, and all local politics is housing values. As clearly is a supply and demand issue. Supplies clearly being artificially suppressed. Of course, the housing market merely reflects every other segment in our our "market economy"... Everything is Monopoly cartel or regulatory capture

panny

You can't convince me there's a housing crisis when houses like this exist, https://www.zillow.com/homedetails/404-W-Broadway-Centralia-... Walkable. Passenger rail. Fiber internet. Affordable with a single income.

bombcar

Apparently this means that the top house of the bottom 1/3rd is now $1m in 242 cities.

treis

There's no city in Georgia where a starter home is $1 million. This methodology has to be highly flawed.

xnx

Remember $1M today is the same as $750K in January 2019. https://www.bls.gov/data/inflation_calculator.htm

cuuupid

I sold my company ~2 years ago for a very decent 8-figure exit where we cleared multiples, everybody got paid, fat bonuses all around, etc. just real pipedream founder stuff. Was incredibly excited and thought "we've made it!" Currently barely affording a condo in Jersey City (not Manhattan). Don't really understand why the prices are this high, none of these homes are selling, the ones that sell are vacant EB-1 investments of which there surely cannot be that many, and there's no way an upper-middle class family could afford this. More ludicrously taxes keep going up, property tax is super high making it impossible for buying to ever be better than renting. Everyone in tech keeps talking about how AI might usher in a permanent underclass but it's already here. It's not "you will own nothing and be happy" for most people I think it's already "you own nothing and aren't happy." It's very confusing what is happening with the real estate market but what is obvious is that local politicians and housing regulations have invented feudalism from first principles. I genuinely do not understand the controversy here, imagine somebody said this about bread. 1) It is the 12th century. Local lords own all the wheat farms and bakeries. Bread is incredibly expensive, nobody can buy bread, people are simply buttering the bread and licking off the butter, and still having to pay a portion of their wages to help maintain the bakeries. 2) ~1000 years pass. Everyone looks back at that time as the worst economic reality in human history, the foundation of most political systems is the ability for anyone to own bread and operate bakeries, people can buy bread. 3) One day you go to the bakery to buy some bread and it's now $120 a loaf. You say WTF this is so expensive, nobody can buy bread anymore, but there are so many loaves on the shelf. You're informed all of these loavess are spoken for by the people in the parking lot who are apparently gambling on the value of bread. 4) Nobody is saying you can't gamble on the value of bread. Instead, everyone agrees it would cost less if we would simply make more bread. But the people in the parking lot, who are already rich and supposedly champion a totally free bakery, say we can't make more bread as that might drop the value of bread and reduce their portfolio value, which would be worse than starvation, so we must limit the bakery. This is obviously ridiculous. 5) Then somebody walks into the bakery and says, I am a champion of the working class, I am one of you, I too cannot afford bread, make me your leader! So you think amazing, let's put them in charge, they will make more bread. 6) Unfortunately, no, for a variety of reasons that sound like they were made up on the spot, they further reduce the supply of bread, stop people from building more bakeries, and install a series of their supporters to 'review' the grain quality of bread at great expense. Also, a very small group of people will get a loaf of bread for free. 7) The price of soars further, everyone agrees that all of this is making it even less affordable. However it becomes culturally unacceptable to reverse any of these policies. 8) You have obviously been betrayed by the current leader. One of the current leader's supporters decides they want to be leader. The other supporters, who again are responsible for this crisis, back this person and say this is the next leader. They say you cannot question them, you must put them in charge or you're to blame for the bread prices. They run constant smear campaigns against anybody who disagrees, branding them all the same as the people in the parking lot, and scare people on the brink of starvation. So fine, you put them in charge, but demanding they change things. 9) They say yes we have a great solution. The people in the parking lot who are gambling on the prices of bread will now let you borrow a slice from them. You cannot eat it but you may butter it and lick the butter. If the butter seeps into the bread, as tends to happen with butter, you will be charged for the cost of drying out the slice later. 10) It is the 21st century. Local lords own all the wheat farms and bakeries. Bread is incredibly expensive, nobody can buy bread, people are simply buttering the bread and licking off the butter, and still having to pay a portion of their wages to help maintain the bakeries. Genuinely incredible

tmh88j

> The number of cities where a typical starter home is worth $1 million or more has nearly tripled since before the pandemic, rising from 80 in February 2020 to a record 242 today. Doubt. They don't define what constitutes a city and seem to be purposely be hiding the data. There's only a count of the cities per state with no mention their names. I followed link after link and couldn't find them and gave up. Texas supposedly has 7 of these $1m+ starter home cities. Austin is the most expensive metropolitan area, and there are plenty of < $600k homes in centrally located areas. Venture out to the suburbs like Pflugerville, Cedar Park or Buda and you'll have plenty of options with $400k to spend. There are only a handful of small pockets around the city where $1m won't buy you a starter home like Zilker and Tarrytown. > For buyers navigating today's market, Zillow Home Loans' BuyAbility℠ tool provides a personalized, real-time estimate of the home price and monthly payment that fit within their budget. Home listings on Zillow also include a down payment assistance module to help shoppers identify local programs that may be available to them. > For those who decide renting is the right call, Zillow Rentals® lists options across every price point and property type — including single-family homes, apartments and individual room listings. Renters can also use CreditClimb to report on-time rent payments to the major credit bureaus, building the credit history that will put them in a stronger position when they're ready to buy. This is just fear driven advertising. BUY NOW OR YOU'LL NEVER OWN A HOME!!

thelastgallon

Housing in US is one of the easiest ways to launder money: https://globalwitness.org/en/campaigns/corruption-and-money-... Housing as an investment is bad policy. If your house appreciates, it doesn't mean that you can sell it and buy another which is cheaper. All livable (and unlivable) houses have appreciated and it will cost at least that much to buy another. It is far more likely your new house will cost a lot more, because you are moving from a less desirable house to a more desirable house and there are always people with more money than you. Making it worse are the global money laundering bidders, who don't care about how much, just as long as they can quickly launder money.

casey2

Most of the cities in California[1] could fit their population into 5 buildings[2] at a cost of $1200 per person to build and $200-$600 to rent[3] if there was political will and competence. Unfortunately (or fortunately) we have none. [1] https://en.wikipedia.org/wiki/List_of_largest_cities_in_Cali... [2] https://en.wikipedia.org/wiki/Regent_International_Center [3] https://zh.wikipedia.org/zh-cn/%E6%96%B0%E4%B8%96%E7%95%8C%E...