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

investors.zillowgroup.com

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

#31

Post by crooked-v »

cuuupid wrote: post #22

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 inve…

Talking about "gambling" is entirely missing that there is a genuine and massive housing shortage in literally every major US metro area. https://www.fanniemae.com/research-and-insights/perspectives...

There is no level of banning housing speculation that will ever make prices go down. Housing speculation is only profitable because there aren't enough homes in the first place.

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

#32

Post by crooked-v »

panny wrote: 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.

"People don't want houses in random small towns with few local jobs, so the housing shortage isn't real" continues to be a bullshit claim every time it comes up.

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

#33

Post by tmh88j »

littlexsparkee wrote: post #30
tmh88j wrote: post #23

> 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 su…

They have products for owners and renters alike, they don't need to nudge you into a particular position.

> they don't need to nudge you into a particular position.

That's exactly what they're doing and I even put a snippet from the article in my comment. Here it is again

> 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.

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

#35

Post by tptacek »

tmh88j wrote: post #23

> 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 su…

The median price of a house in Oak Park, Illinois --- the inner-ring suburb of Chicago in which I live --- is $700,000. This is an M-COL region.

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

#36

Post by [deleted] »

the_gastropod wrote: post #5
AtlasBarfed wrote: post #2

" 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…

[deleted]

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

#38

Post by littlexsparkee »

crooked-v wrote: post #31
cuuupid wrote: post #22

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 inve…

Talking about "gambling" is entirely missing that there is a genuine and massive housing shortage in literally every major US metro area. https://www.fanniemae.com/research-and-insights/perspectives... There is no level of banning housing speculation that will ever make prices go down. Housing speculation is only profitable because there aren't enough homes in the first place.

I read that as more broad - housing as investment; flippers buying properties to upgrade (materially or not) and sell at a premium, removing bottom rungs on housing ladder. i.e. the mindset is an accelerant or maybe even the cause (think back to the roots of restrictive zoning, fear of property devaluation)

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

#39

Post by tptacek »

panny wrote: 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.

Weird how everyone isn't beelining to Centralia, Illinois to capitalize on these opportunities. It definitely isn't 50 years of continuous declining population driving these bargains.

"How can there be a housing crisis when there are houses available for $1 in Pontiac, MI?"

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

#40

Post by kevin_thibedeau »

tmh88j wrote: post #23

> 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 su…

Austin had a building glut suppressing prices. The rest of the country didn't experience that.
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