High Cost of Cape Cod Homes Squeezes First-Time Home Buyers

Across the U.S., the average starter home price is now $189,300, according to the National Association of Realtors.  On Cape Cod that figure is closer to $300,000, putting young families who hope to buy their first place in a bind. 

As the infographic below demonstrates, it requires an annual salary of $44,222 to qualify for the typical starter home in the U.S.   Cape Codders who earn less than $50,000 have difficulty affording homes here, where the median price in 2015 was $365,000, according to the Cape Cod and Island's Association of Realtors.

Housing affordability has long been an issue on the Cape because year-round residents compete with wealthy second-home owners for the available supply of homes for sale.  

And, as the graphic illustrates, homes on the east coast are more expensive than anywhere else in the country, and require a greater annual salary, for families to be able to afford.