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Why Are Entry Level Homes Disappearing?

In episode 9 of RiskWire: On the House, Veros’ Economists explain why entry-level homes are becoming increasingly rare. They also discuss the forces that are pushing builders towards bigger, higher-priced homes, and what that means for future first-time homebuyers. Key takeaways from the episode: ** In the 1980’s, around 40% of homes were classified as starter homes. As of 2023, only 9% of homes were in that category. ** Builders face several challenges including fixed costs, regulations, and high land costs, which all push them towards larger, pricier homes. ** Zoning laws and resistance from communities limit affordable housing options. They often block higher-density or lower-cost housing. ** In the early 1990’s, the average age of a first-time home buyer was 28 years old. Fast-forward to today, and that average age is 40 years old.