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This post originally appeared on Curbed.
Across the U.S., and especially in major cities, "starter homes" — that is, smaller, entry-level properties attainable for individuals, couples, or families just starting out — are increasingly hard to come by. In numbers, that means a 40% inventory drop nationwide since 2012, along with a 6% increase in the share of income needed to purchase one.
Across the U.S., and especially in major cities, "starter homes" — that is, smaller, entry-level properties attainable for individuals, couples, or families just starting out — are increasingly hard to come by. In numbers, that means a 40% inventory drop nationwide since 2012, along with a 6% increase in the share of income needed to purchase one.
A longer, narrower road to homeownership may be the new reality for most younger Americans, but what’s the situation like in other cities around the world? Do first-time house-hunters overseas have to save for a long time? And how do their options look once they get there?
To get a taste, Curbed talked to real estate agents in half a dozen cities: Tokyo, Stockholm, Paris, Addis Ababa, Cape Town, and Kansas City, MO — one U.S. metro area where starter homes are still relatively within reach.
Ahead, take a closer look at the attributes of a typical starter-home buyer in these cities and the market that person can expect.
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