Finding a starter home has become increasingly challenging due to rising home prices and interest rates, but the market may be recovering. Recent reports indicate that starter home inventory is nearly back to pre-pandemic levels and constitutes a larger share of all homes compared to 2020. Despite the encouraging trends, many affordable homes are now priced higher or require significant renovations, making them less accessible for first-time buyers. As millennials and Gen Z enter the housing market, there is renewed hope for those seeking affordable options.
Many of the homes that used to fall into [the starter home] category are now priced higher due to appreciation. And the ones that do remain tend to need work, which can be a deal breaker for first-time buyers who don't have the cash for renovations.
Starter home inventory has almost fully recovered relative to pre-pandemic, and actually represents a larger share of all homes compared to 2020.
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