Cheap old houses attract millennials escaping pandemic cages By Reuters

Connecticut infrastructure funding in question: state report

5/5 © Reuters. Kate and Cameron Reinhart stand at their 1880 Octagon home in eastern Connecticut 2/5

By Daniel Fastenberg NORWICH, Connecticut (Reuters) – American millennials with budget constraints are leaving their pandemic cooperatives to find affordable dream homes in remote locations. For Utah funeral director Kate Reinhart, that dream is an octagonal Victorian reminiscent of the Addams family macabre seen in cartoons, movies and television series. It helped her scientist husband Cameron find his first job near Norwich, Connecticut, a city with one of the largest concentrations of 18th and early 19th century houses in New England. For just $ 85,000, the couple purchased the 1885 home filled with stained glass, handcrafted light fixtures, and winding railings. They plan to invest about $ 100,000 in a massive renovation. “I feel like we appreciate it more now during the pandemic to have more space for ourselves,” Kate said. “People are more aware of being on top of each other in small apartment buildings. In New York City, people are fleeing here.” The trend is clear in visits to CheapOldHouses, a website founded by Elizabeth Finkelstein in 2016 to promote the purchase and preservation of historic homes. Followers of the site’s Instagram account have steadily doubled each week since pandemic closures began in the United States in March, to about 20,000, he said. About 42% are between the ages of 25 and 34 and about 75% are women. “The real estate mantra has always been ‘location, location, location.’ For the first time, that’s turning around a bit, “Finkelstein said.” We live in an age where people are willing to take risks, maybe risks they’ve wanted to take their whole lives. “Homes on CheapOldHouses.com tend to be in the US Midwest, South, and Rust Belt, where many are selling for less than $ 100,000. Homes that cost the most in North America, Europe, and elsewhere are also listed in Finkelstein’s monthly newsletter. “We presented houses that people can realistically buy, but also use their hands instead of sitting in a cubicle all day,” he said. A total of 70,000 people left the New York metropolitan region in 2020, which resulted in a loss of revenue of about $ 34 billion, Unacast, a location analytics provider estimated. More millennials may leave big cities even after the pandemic is over, Finkelstein said. “With so many offices that are turning around. remote, people have more opportunities to just say, ‘maybe I don’t need to pay more than half of my income for rent. And I can, I can take that leap. ‘

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