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“As a result of limited starter-home inventory,” he said, millennials “are renting longer.” In the process, they’re bypassing the need for a starter home.
But that doesn’t mean starter homes are completely unavailable or out of reach — just how much do starter homes really cost in today’s market? That depends on what state you’re buying in.
We teamed up with Zillow to find the median value of a starter home in every state. Using its most recent data from March 2019, Zillow looked at homes valued in the lower one-third of all homes. They also ranked each state by population size using US Census data, called the “size of state rank.”
The most expensive starter homes are in Washington DC, costing a median of $335,700, and the most affordable starter homes are in West Virginia, with a median value of $42,300.
See how much a starter home costs in your state. All median home values are courtesy of Zillow, and all median worker earnings are from the Census Bureau’s American Community Survey.
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This article was originally published by a www.businessinsider.com . Read the Original article here. .