It's no secret that the prices of US homes have risen at a disproportionately high rate relative to inflation. The price per square foot for a standard US home in 2023 is more than twice the going rate in the 1960s, based on inflation-adjusted calculations using the aforementioned figures.
But there are still starter homes out there, they're just not nearly as common as they once were — in part becauseThe median starter home in the US costs $172,140, according to data from Zillow cited by This Old House.
Insider refined that list of leading markets by focusing on three criteria from the report: average starter home prices, relative affordability, and the prevalence of young people. Below are the 17 cities that are both desirable for young people and have starter homes that are selling for an average of less than $200,000, according to the report. Along with each market is its average starter home price, its typical mortgage as a percentage of income, and its homeownership rate among young people.
Note that the mortgage calculation is based on a 30-year fixed-rate mortgage of 6.4% on the average starter home price.
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