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

investors.zillowgroup.com

11–20 of 104 posts

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

#11
post #6

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.

With STL the nearest job center, not doable on transit and not near even with a car (1h15). That's the catch.

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

#12
post #6

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.

With a crime rate of 32 per one thousand residents, Centralia has one of the highest crime rates in America compared to all communities of all sizes - from the smallest towns to the very largest cities. One's chance of becoming a victim of either violent or property crime here is one in 31. Within Illinois, more than 95% of the communities have a lower crime rate than Centralia.

https://www.neighborhoodscout.com/il/centralia/crime#descrip...

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

#13
post #9
post #6

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.

Something has to be horribly undesirable about that.

Situated in a town with a population of 12,000. Maybe you could retire here (if you're willing to leave behind all of your connections), but you almost certainly aren't finding a job here that still makes this look affordable.

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

#14
post #8

Earlier quoted context omitted.

The thing is homeowners benefit from denser zoning because the potential of their land is increased even if the average unit price comes down - also the amenity value of more jobs, amusements, school funding/tax base, etc in the city should show up in the price too.

Homeowners definitely do not believe that their home prices benefit from denser zoning. (I'm a housing activist, very close to killing off SFZ in my muni, knock wood).

yes, this is true - getting discussed a bit in YIMBY circles but definitely not common knowledge. benefits to current owners should be a topic of research and outreach.

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

#17
post #10
post #8

Earlier quoted context omitted.

Homeowners definitely do not believe that their home prices benefit from denser zoning. (I'm a housing activist, very close to killing off SFZ in my muni, knock wood).

Homeowners care less about their house prices than people realize - it's just a convenient excuse. Most homeowners just don't want things to change.

I've spent kind of a lot of time talking directly to homeowners, and while I agree a general fear of change is one of the first principal components of this problem, housing price loss aversion is definitely a real thing.

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

#18

" 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 e…

Yeeep. It feels like one of those “holding a wolf by the ears” situations. I don’t know how we get out of this mess. One especially frustrating part of it is that it really benefits nobody. Your home goes up in value, cool. You owe more property taxes. And all the other homes around you also go up in value, so… you’re really no better off unless you downsize or move to a cheaper housing market. Something akin to Geor…

I don't see how home values could hold up with white collar work threatened over the coming years. Anyone's guess as to the timing but tech is aiming at this full force - what else has equivalent TAM? It's too big a prize to discount in the longterm.

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

#19
post #6

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.

With a crime rate of 32 per one thousand residents, Centralia has one of the highest crime rates in America compared to all communities of all sizes - from the smallest towns to the very largest cities. One's chance of becoming a victim of either violent or property crime here is one in 31. Within Illinois, more than 95% of the communities have a lower crime rate than Centralia. https://www.neighborhoodscout.com/il/c…

Also house is built in 1890s. Had renovations, but who knows how much more work it needs.
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