It can feel almost impossible to find starter home This day.with housing shortage With full effectiveness and an ever-higher price tag, the pool to choose from can feel pretty shallow. Throw in the inflation that causes the prices of household items to rise, and being able to buy a home can feel like winning the lottery. new research Find out the best US locations to buy by construction coverage starter home.
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The South and Rust Belt locations lead the way to Starter Homes.to the top of the list The best state in the country to find a starter home is West Virginia, followed by Oklahoma and Mississippi. This is due to some important attributes. First, these locations have an ample supply of housing and a market with a high share of small housing. In addition, entry-level housing prices are relatively low and homeownership rates among young people are high.
as for Pittsburgh, Pennsylvania tops metropolitan area most likely to find a starter homeOklahoma also has a strong presence on this list, with Oklahoma City ranking second. Miami/Fort Lauderdale/Pompano Beach in Florida rounded out the top three. Interestingly, the median sale price for homes in that location with less than three bedrooms is $425,625, while Pittsburgh and Oklahoma City have median prices of $190,349 and $195,599, respectively. The top five metropolitan areas are Detroit/Warren/Dearborn, Michigan and New Orleans/Metairie, Louisiana.
Small and medium-sized US subways are also good places to look for starter homes. Among smaller cities, Wichita Falls, Texas takes the top spot, followed by Albany, Georgia and Gadsden, Alabama. The top five were Mansfield, Ohio and Kingsport-Bristol Tennessee and Virginia. Mid-sized metros near the top of the list include Beaumont, TX – Port Arthur, and McAllen/Edinburg/Mission, TX. Huntington/Ashland in West Virginia, Kentucky and Ohio finished third, while Flint, Michigan finished fourth. Rounding out the top five were Youngstown/Warren/Boardman of Ohio and Pennsylvania.
However, there are other details to consider here. While there is a shortage of housing overall, builders aren’t building the smaller, more affordable homes that emerged after World War II or in the decades that followed. , single-family one- or two-bedroom homes accounted for 24.1% of new homes built in the mid-1980s, compared to just 6.2% today. Over the same period, the proportion of new homes with four or more bedrooms increased from 19.3% to 49.6%.
Data used in this analysis were collected from the US Census Bureau, Zillow, and Redfin. To determine location, researchers analyzed the percentage of homes with three or fewer bedrooms, the median sales price of homes with three or fewer bedrooms, the number of months of housing available for sale, and the homeownership rate of households with We calculated a composite score based on 35 years old.