Name: Millennials swap city life for cheap old homes
Uploaded: 2021-02-13T21:40:04.000Z
Duration: 2 min 34 s
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American millennials are finding their cheap dream homes in far flung places.

For Kate and Cameron Reinhardt, that dream is this octagonal Victorian mansion in Norwich, Connecticut.

Adverbs of degree

The 19th century house, complete with stained glass windows and winding banisters, cost them just $85,000.

We closed on the house the week that quarantine started intimidating, Um, but then after that, like we had the house at that point, we knew what we had to move in.

The young couple plans to put another 100,000 into a massive renovation.

This is eventually going to be like the master suite.

We're gonna have a tub out in the open under this window.

I think we might build a small closet here just for so it will officially be a bedroom on the Rhine.

A growing number of young Americans are abandoning cities and flocking to the suburbs in search of older, more affordable homes.

The trend is clear from visits to cheap old houses dot com, a website promoting the purchase and preservation of historical houses.

The sites Instagram followers have doubled every week since US lockdowns began last March.

The mantra of real estate has always been location, location, location and I think for the first time that's being flipped a little bit on its head.

We are living in a time when people are willing to kind of take risks, maybe risks, that they've been wanting to take their whole life but were tied to an expensive city for, you know, for their job or, you know, for a host of other reasons.

Around 70,000 people left the New York metropolitan region in 2020 that resulted in roughly $34 billion in lost income, according to Location Analytics provider.

 Unit cast on Finkelstein expects the trends to last well beyond the year. 