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me_irl (lemmy.today)

submitted 14 hours ago by sanitation@lemmy.today to c/me_irl@lemmy.world

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[–] Dkiscoo@lemmy.world 16 points 12 hours ago (1 children)

https://www.cbsnews.com/news/zillow-1-million-dollar-starter-homes-242-us-cities/

[–] TrickDacy@lemmy.world 8 points 12 hours ago (2 children)

Thanks. Yeah I figured this was a weird definition thing..

Zillow defines a starter home as one in the lowest third of home values in a given region.

To be sure, the typical starter home still costs far less than $1 million at just under $199,000, Zillow noted. Overall, the median home costs nearly $418,000, according to the National Association of Realtors.

Again I am not doubting the point, but my personal definition of starter home would be basically "the cheapest livable home with minimal standards applied". Given that I live in a metro area but have seen homes for $450-500K which are decent, reading $800K was a starter was surprising to me.

[–] nilloc@discuss.tchncs.de 3 points 9 hours ago (1 children)

Is it a metro area with significant sprawl?

Median list price in Massachusetts is $716,000 and most houses still go from listed to pending in around 8 days.

[–] TrickDacy@lemmy.world 1 points 7 hours ago

Yeah there's some sprawl. It seems like it's a competitive market. Haven't been seriously looking and I know most homes go for more than listing price but the listing prices at least are sometimes much less than the cited $800K.

[–] ramble81@lemmy.zip 2 points 9 hours ago

Yeah starter home should be based on median salary for the area, not the product itself. That just becomes inconvenient because then 95%+ of homes would fall out of that range and fuck the narrative even harder.