Starter homes in the Northeast are rapidly approaching or exceeding the million-dollar mark, a trend particularly impacting millennials. This region has seen the fastest growth in cities with million-dollar starter homes, with New Jersey and New York adding a significant number of such cities in the past year. Factors contributing to this affordability crisis include a decade-long housing shortage, intense demand, and historically low mortgage rates, exacerbated by limited new construction. AI
RANK_REASON Article discusses a socio-economic trend with data from industry sources, but does not announce a new product, research, or policy.
- California
- Christopher M. Naghibi
- First Foundation Bank
- Kara Ng
- National Association of Realtors
- New Jersey
- New York
- New York City
- Zillow
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