CBS News
Buying a first home remains out of reach for many Americans, with fewer than 4 in 10 non-homeowner households able to afford a typical starter home, a new LendingTree analysis found.
A typical starter home costs $200,000, with LendingTree defining entry-level homes as owner-occupied properties valued at the 25th percentile of the housing market. The analysis found that only 38% of households that don’t already own a home could afford one.
Starter homes tend to be smaller and require more repairs or updates than higher-priced homes, but they often provide buyers with their first opportunity to build equity. Without access to entry-level homes, some Americans may be missing out on what is considered to be one of the biggest wealth-building opportunities.
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