While $150,000 might get you a home in some pockets of the U.S., in the 50 most populous and most expensive cities you’ll probably need more than that.
Point2homes.com examined real estate listings in the 100 largest population cities in the U.S. during the last week of March, then took the 50 communities on that list with the highest median home values and ranked them based on the percentage of available homes available for $150,000 or less.
It found that in 25 communities, fewer than 1% of homes on the market were available for $150,000. The data further illustrates the struggle for first-time homebuyers trying to get a foot in the housing door in many of the country’s largest markets.
In Miami, where the median home value is $490,000, just 2.04% of homes were listed for $150,000 or less, ranking 30th among the communities with the smallest percentages.
San Francisco; Oakland; Irvine, California; Henderson, Nevada, and Gilbert, Arizona, were at 0%, followed by Chandler, Arizona (0.13%); Scottsdale, Arizona (0.19%); Plano, Texas (0.24%), Boston (0.25%) and San Jose, California (0.28%).