Starter Home Prices Are At Their Highest Levels Since 2008

First-time buyers entering the market are going to have a tough time with current starter prices, considering they are at the highest prices since 2008. In the second quarter of the year, first-time buyers needed nearly 23% of their income to afford a typical entry-level home, a number up from 21% last year. The lower end of the market is also challenged with decreasing supply and rising mortgage rates.
The most expensive markets are New York and San Francisco — where the median household needed to spend about 65 percent of its income to purchase a home. Those cities were followed by Los Angeles, at 59 percent, and Miami, at 55 percent.
Broadly, it’s getting more expensive to buy a house across the market. A previous report noted affordability fell to the lowest level since late 2008. In May, the median price of a previously owned homes rose to a record $264,800.

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