Tag

Starter Homes

All articles tagged with #starter homes

real-estate2 months ago•7 min saved

Homebuyers Boost Chances Amidst Scarcity of Starter Homes

The article discusses the ongoing shortage of affordable starter homes across the U.S., driven by rising construction costs, zoning laws, and market dynamics, which make it difficult for first-time buyers to find suitable, affordable properties. It highlights regional examples, regulatory barriers, and potential solutions like deregulation and financial assistance programs, while advising prospective buyers to consider strategic compromises such as looking outside major cities to improve their chances of homeownership.

via NPR|

#affordable-housing #homebuying-strategies #housing-shortage

housing4 months ago•7 min saved

Utah Aims to Boost Starter Home Construction Amid Scarcity

Utah aims to address its housing shortage and high prices by building 35,000 affordable starter homes over five years, with developers like Nilson Homes creating smaller, cost-effective houses to help first-time buyers, despite slow progress and zoning challenges.

via NPR|

#affordable-housing #development #housing

real-estate2 years ago•2 min saved

Affordable Starter Homes in 15 Major U.S. Cities Under $230,000

A recent analysis by Five Star Painting has identified 15 major U.S. cities where starter homes can be found for under $230,000, on average. These cities include Detroit, Cleveland, Memphis, Milwaukee, St. Louis, Hartford, Birmingham, Buffalo, Kansas City, Louisville, Baltimore, Indianapolis, Pittsburgh, Cincinnati, and Oklahoma City. Factors contributing to lower home prices in some of these cities include declining populations and a higher number of distressed home sales. In contrast, San Francisco remains the least affordable place to become a homeowner, with starter homes costing a median of $999,000.

via CNBC|

#affordable-housing #home-prices #housing-market

real-estate2 years ago•4 min saved

The Changing Landscape of Homeownership: Millennials and Gen Z Settling in for the Long Haul

The concept of purchasing a starter home and quickly selling it for a larger "forever home" seems to be fading for millennial and Gen Z homebuyers. Data from the National Association of Realtors shows that nearly 40% of Americans between the ages of 25 and 44 who bought homes last year plan to stay in them for 16 years or more. The average mortgage rate for those who purchased homes last year was low, which may have contributed to their decision to stay put. However, affordable starter homes are becoming harder to find, with only about 11% of homes sold in the first quarter of 2023 priced below $300,000. Despite the challenges, more millennials are becoming homeowners, and experts suggest exploring low down payment options to enter the market.

via CNBC|

#gen-z-homeowners #homebuying #housing-market