The article discusses the rising costs of starter homes, which are traditionally entry points for new homeowners but are now often priced over $1 million in many states. This shift has pushed median first-time buyer ages up to 38, as younger buyers find affordability dwindling. California and Massachusetts are highlighted as particularly challenging markets. While difficulties abound, the article notes there are still locations where starter homes remain accessible for buyers willing to search.
"Areas where a starter home is priced at $1 million or higher are not very friendly to first-time buyers," says Realtor.com senior economic research analyst Hannah Jones.
"The median first-time buyer age climbed to 38 years old last year, due in part to worsening affordability conditions," explains Jones.
"Areas with an entry-level home price of $1 million likely do not attract many first-time buyers," notes Jones.
"Plenty of states have homes priced below $1 million-if you know where to look."
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