In recent years, people with aspirations of owning a home in the United States have faced significant financial hurdles, including soaring inflation and high interest rates.
There are more homes available for sale now. The number of unsold existing homes increased by 5.9 percent in February. This means it would take about 2.9 months to sell all the existing homes on the market at the current sales pace.
The Value of Historic Homes
The Finkelsteins, who created the “Cheap Old Houses” Instagram account, established their presence long before the pandemic and have amassed 2.8 million followers. Their mission was to shed light on historic residences available at comparatively low prices, thereby democratizing access to homeownership for aspiring individuals.“It’s a radical proposition, but one of the biggest hurdles to overcome is to break free from what you’ve always been taught homeownership and the ‘American dream’ ought to look like,” the Finkelsteins wrote in an email to The Epoch Times. “Cheap old houses are tremendous, untapped opportunities to enter into the housing market at exceptionally low prices for those who are willing to take it slow, perhaps occupy only parts of a house at a time while you work on rehab and restoration in others. The payoff is as emotional as it is financial, when you reinvest in a house that will live on beyond you.”
Their featured properties, often priced below $100,000 and dating back over a century, sometimes require restoration efforts. Yet, to the Finkelsteins, these homes offer more than just affordable shelter; they serve as portals into a market many deem inaccessible.
In contrast to the overall trend of rising housing costs and dwindling supply, the market for cheaper, older homes appears relatively immune to such fluctuations, according to Mr. Finkelstein. Despite market upheavals, including the effects of COVID-19 and material shortages, their “house hack” remains steadfast.
“This is not a get-rich-quick scheme,” Mr. Finkelstein told Fox News Digital. “This is really a sustainable solution for people to find housing that is affordable, potentially move their location, and live in one of these cheap houses and hack the system.”
He cited examples of individuals drastically reducing their monthly expenses by switching from renting to owning one of these budget-friendly homes. For them, it’s not a quick fix but a sustainable solution, and a means of reclaiming agency in an increasingly volatile housing market.
As the Finkelsteins reflected on their journey, they said they find fulfillment not only in the restoration of homes but also in witnessing the transformation of lives.
“I think [when] we started this, it was so much about the houses and getting the houses in the hands of people as an alternative to this completely ridiculous housing market, and we found that it’s so much about the people,” Ms. Finkelstein said.