Soaring home prices and disappearing inventory makes it tougher for young home buyers
by Daniel Goldstein
Millennials and others looking to buy a first — or “starter” — home are struggling to find ones they can afford, a new research report says.
There are fewer affordable starter homes in 95 of the 100 largest U.S. markets now compared with 2012, according to the San Francisco-based real estate research company Trulia.com. Trulia defines a starter as a home that is in the lower third of a market’s valuation and affordable to those making the median income in that market.
[…] “Not only are there fewer homes available to buyers of all income levels, those just starting out or making their first foray into home ownership are worse off than they’ve been in years,” said Ralph McLaughlin, chief economist with Trulia.com.