US EditionAre Starter Homes a Thing of the Past? Real Estate Experts Weigh In
- U.S. First-time homebuyers face scarce starter homes in 2024 due to mortgage rates now above 6 percent and limited housing inventory.
- This shortage stems from homeowners living longer as baby boomers age in place, extending the typical tenure to nearly 12 years.
- Rising home prices affect starter homes especially, while buyers must plan to stay 7 to 9 years to make purchases financially viable.
- Zillow's senior economist said the starter home concept has evolved because of affordability challenges, and recent rate dips give buyers more bargaining power.
- Though economic uncertainty persists, modest mortgage rate decreases and increased inventory offer cautious hope for buyers returning in 2025.
12 Articles
12 Articles
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Despite the partial tariff relief, local businesses and experts say they fear lingering economic uncertainty fueled by this simmering trade war is likely to bring more trouble for San Francisco’s economy.
Struggling housing market continues to be weighed down by economic uncertainty
A struggling housing market is facing yet another obstacle as escalating trade wars and uncertainty over how trade policy from the White House will affect the economy have created fears of a recession. The main obstacle facing the market over the last two years has been affordability, with prices staying high after skyrocketing during the pandemic-era housing market boom, and mortgage rates that climbed to 7%. Mortgage rates usually fall during …
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