: ‘There’s so much housing stock in this country’: Cheap old houses offer a glimmer of hope to younger generations dreaming of owning a home

by | Oct 14, 2023 | Stock Market

Can’t buy a house because it’s too expensive? How about a cheap old one? As home prices stay high and rising mortgage rates shrink how much house buyers can afford, some have turned to the idea of buying cheaper, older fixer-uppers. The Instagram account Cheap Old Houses helps people indulge in this fantasy, posting listings for older homes that are relative steals at a time when the median monthly mortgage payment is nearly $3,000.

Now the couple behind the account — which has garnered 2.4 million followers — is out with a new book that shares stories of people who’ve bought and renovated older abodes. Published Oct. 11, “Cheap Old Houses: The Book” is part how-to guide and part inspiration board. Like the Instagram account, it provides a glimmer of hope to the many would-be buyers priced out of the housing market. Having bought — and since sold — a $400,000 home in upstate New York, they decided to go a different route, paying $71,000 in cash for a fixer-upper further north and close to the Vermont border.  Owning a house today “feels like a pipe dream” for many, said Elizabeth Finkelstein, who runs Cheap Old Houses with her husband, Ethan. “You …

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