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https://www.zillow.com/homes/422-Her...19748435_zpid/
Here's the house my parents had built in Los Gatos, CA when they were in the mid 20s, and for which they paid $21,000. Now it's worth more than 100 times the price that they paid.
Good luck finding a new construction home for under $375,000 anywhere in Philadelphia, let alone where I live in Northwest Philly. Given that the average age of a home in the city is ~84 years old, new construction homes get snapped up pretty quickly. The only way you're going to find a new construction starter home is if it's income-restricted or in an up and coming part of North Philly/West Philly/Southwest Philly.
Here's an example of a "reasonably-priced" new construction in my neighborhood (Roxborough):
Here are two examples of new construction homes on opposite sides of North Philly. Until very recently, both of these areas (28th and Berks and 2nd and York) were considered to be the "hood"; however, gentrification is on the cusp of reaching Strawberry Mansion and Kensington, respectively:
Everytime my wife and I talk about the potential of moving there the COL seems to remind us that it's getting out of hand.
It's been out of hand for a while. If I had to buy my place today, I couldn't afford it. At least in the short term, the labor market is going to be affected by the new laws regarding undocumented residents and their participation in the labor market. This is likely to make home building more expensive than it already is.
You’re right. I guess it’s just a starter home in price. That’s a mansion in LA
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