First-time buyers hampered as starter homes become much less affordable

"Starter homes are more affordable to the average American than last year but have become significantly less affordable over the past decade, according to Redfin's analysis."

"A decade ago, a turnkey four-bedroom house in a nice neighborhood was often considered a starter home, but today, a small fixer-upper condo is often all a first-time homebuyer can afford."

"It's great news that starter homes are becoming a little more affordable, but there's a catch, Redfin senior economist Elijah de la Campa said in the report."

"While the starter-home segment has become slightly more affordable in the past year, it is much less affordable than during the post-recession recovery of 2012 and the pre-pandemic period of 2019."

Read at www.housingwire.com