Is it possible that home buying statistics are misleading by talking about average home prices for a first time homebuyer? Shouldn’t first homebuyers be looking at starter homes, which are usually smaller and in less desirable locations such as proximity to centers of work?
If you live in a high property tax state, I’d argue starter homes are the only homes you should be looking at.
That said, even the wrecks in my Upstate NY neck of the woods are overpriced.
Not that they’re moving...
But I guess sellers think they can afford to be optimistic since the only other homes for sale are far more overpriced and overtaxed McMansions.