Starter homes still affordable by ZIP code
A Realtor.com report highlights that while inventory of starter homes has improved in some regions, overall affordability remains a challenge for first-time homebuyers. The cost to afford a typical starter home has increased by over 80% since 2019, now requiring an annual household income of about $78,000. The Southern and Western regions have seen the most significant recovery in affordable listings, with prices declining or stabilizing, while the Northeast continues to see rising costs, and the Midwest remains relatively affordable despite some price increases. Elevated mortgage rates and limited supply continue to hinder many prospective buyers from entering the market.
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