A record 8.2 percent of homes in the United States are now worth $ 1 million or more, up from 4.8 percent just two years ago, according to a March report by Redfin. New research shows that some large cities still have affordable homes, but they are becoming increasingly scarce.
In a recent analysis of the most populous and expensive cities in the United States, the real estate analysis firm Point2 I found five of them: San Francisco; Irvine, California; Oakland, California; Gilbert, Arizona; and Henderson, Nev. – had zero starting homes, or those listed for under $ 150,000, available in the market.
“The basic housing need is so critical and essential,” said Doug Ressler, business intelligence manager at Yardi Matrix, a division of Point2’s parent company, Yardi Systems. “Right now, the thinking is that the affordability of homes is falling.”
According to the Point2 study, the share of affordable homes on the market was more than 10 percent in just two US cities: Mesa, Arizona, and St. Petersburg, Florida. The percentage of affordable homes has dropped significantly from there. In Dallas and Tampa, Florida, the next two cities on the list, the share of affordable homes was just over 5%.