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