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Seven Texas cities are home to $1M starter houses
Plus: Trump aims to cut HUD funding by 44%
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⛅ Happy Thursday, everyone. Today, we’ll cover Trump’s HUD cuts, Zillow’s profits, crypto-backed mortgages, and “white smoke” from the Vatican.
Today's newsletter is 701 words — a 2.5-minute read.
1. Trump aims to cut HUD funding by 44%
President Trump delivered his first budget proposal of his second term on Friday, asking Congress to eliminate funding for several low-income housing programs and to restructure the Section 8 housing voucher program.
Under the proposed budget, the Department of Housing and Urban Development (HUD) would face approximately $32.9 billion in cuts, representing a reduction of about 44% of its total funding.
The cuts would reduce the department’s total funding from $77 billion to $43.5 billion, with approximately $26.7 billion of the reduction coming from rental assistance programs.
2. Zillow turned a profit in Q1 for the first time in years
Zillow’s earnings report, released Wednesday, shows the company grew its revenue in Q1 and posted its first profit in years.
Zillow generated $598 million in revenue between January and March, a 13% increase compared to the same period in 2024.
In addition, Zillow posted an $8 million profit, a significant turnaround from the $23 million loss reported in the first quarter of last year.
"Our strong Q1 results surpassed our expectations and demonstrate how well we're executing. We are on track to meet our full-year 2025 goals, and we're well-positioned to deliver sustainable profitable growth."
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3. Catch up quick
🥵 Bill requiring landlords to provide air conditioning for tenants meets resistance. (SAN)
💎 Homebuyers are using crypto-backed mortgages to purchase property. (Realtor.com)
🏛️ Governor Abbott names chair, appoints two to Texas Real Estate Commission. (Gov)
📜 List of all the Trump administration’s actions that impact housing. (HousingWire)
📅 The best and worst days to sell a home. (ATTOM)
⛪️ Fun read: White smoke will soon rise again from the Sistine Chapel chimney. (Vatican)
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4. Seven Texas cities home to $1M starter houses
According to a Zillow report, although the typical starter home nationwide is worth an attainable $192,514, there are now 233 cities where a typical starter home costs at least $1 million, nearly triple the number from March 2020.
Five years ago, there were only 85 cities where a typical starter home, defined as one in the lowest third of home values in a given region, was worth at least $1 million.
Texas ranked No. 7 in the country for the most cities featuring $1 million starter homes, with seven cities home to some of the priciest lower-end listings as of March 2025.
Number of cities where a typical starter home is worth at least $1 million
Data: Zillow
5. The rising burden for homeowners
According to a LendingTree analysis, median property taxes increased by an average of 10.4% between 2021 and 2023. Homeowners now pay a median of $2,969 annually, or about $247 per month.
Among the 50 largest metro areas analyzed by LendingTree, Dallas recorded one of the largest property tax increases between 2021 and 2023, rising by 19% during that period.
Insurance, homeowners association (HOA) fees, and other expenses are also adding up. According to the Department of the Treasury's Federal Insurance Office, average homeowners’ insurance premiums grew 8.7% faster than the rate of inflation between 2018 and 2022. Meanwhile, the median HOA fee among for-sale listings on Realtor.com was $125 per month in 2024, up from $110 the year before.
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