The shortage of available starter homes feels like yet another hurdle blocking some millennials’ path to traditional money milestones. The first rung on the homeownership ladder has long been an affordable “starter home." Surging prices and stiff competition mean there aren’t enough smaller, more affordable starter homes to go around in many regions. “We need to think about how we talk about affordable housing, because for most people, when they hear affordable housing, there’s an instant negative reaction. “It’s been the hardest kind of home to build over the last five, six or seven years," Robert Dietz, chief economist at the National Association of Home Builders, said of starter homes.

Source: Mint July 04, 2021 12:11 UTC