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Young Americans without a lot of money are increasingly1 moving to parts of the country where the cost of living is low.
The change is especially clear among people born in the 1980s and 1990s – the "millennial2" generation. Also, many of these young people are buying old houses because they are less costly3.
Kate Reinhart is from the state of Utah. She long dreamed of living in a large Victorian house. Such houses were popular in the 1800s and are known for their unusual design details. She remembers seeing one in the popular television show the Addams Family.
Her husband Cameron found his first job near Norwich, Connecticut. It is a town with one of the largest numbers of 18th- and early 19th-century houses in the New England area.
For $85,000 the couple bought a house that was built in 1885. It has special glass, lights, and stairs. They plan to spend about $100,000 on its large rebuilding project.
Housing prices are very different between states in the U.S. Reinhart's buying price is well below the price of most houses in Connecticut. In a 2020 estimate5, the website Business Insider suggests that the median home value in Connecticut is around $250,000.
Reinhart said she and her husband value their home more during the coronavirus health crisis6 because they "have more space."
She added that people are worried about living close to each other in small apartment buildings. Many people from New York City, she added, "are fleeing to here."
The change seems clear on CheapOldHouses, a website created in 2016 by Elizabeth Finkelstein. The website's goal is to increase the sales and preservation7 of historic8 houses.
Followers9 of the site's Instagram page have increased every week since the coronavirus health crisis began in March. It now has about 20,000 followers, Finkelstein said. About 42 percent are aged10 25 to 34 years old. About 75 percent are women.
"We are living in a time," Finkelstein said, "when people are willing to kind of take risks, maybe risks that they've been wanting to take their whole life."
She added that an important idea in property sales has always been "location, location, location." In other words, where a house is is the most important thing for people to consider when buying their home. But now, she said, "for the first time that's being flipped11 a little bit on its head."
Flipped on its head is an expression that means to turn upside down.
Many of the homes on CheapOldHouses.com are in the Midwestern and Southern states. In those areas, many houses sell for less than $100,000.
"We feature homes people can realistically buy, but also use their hands on as opposed to sitting in a cubicle12 all day long," she said.
Many people have moved away from some American cities after the beginning of the coronavirus crisis. It is estimated13 that 70,000 people left the New York City area in 2020. The moves resulted in an estimated loss for the city of $34 billion. That number comes from Unacast, an information research company.
More millennials may leave big cities even after the pandemic is over, Finkelstein said.
"With so many offices going remote, people have more opportunity to just say, ‘maybe I don't need to be paying more than half my income in rent. And I can, I can take that leap.'"
Words in This Story
median – n. mathematics : the middle value in a series of values arranged from smallest to largest
preservation – n. the act of keeping something safe from harm or loss
feature – v. to have or include (someone or something) as an important part
cubicle – n. chiefly US : a work space in a large office with a desk that is usually surrounded by low walls
opportunity – n. an amount of time or a situation in which something can be done
income – n. money that is earned from work, investments14, business, etc.
leap – n. a great and sudden change, increase, or improvement; a serious attempt to do or understand something new
1 increasingly | |
adv.逐渐地,日益地,逐渐增加地 | |
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2 millennial | |
一千年的,千福年的 | |
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3 costly | |
adj.昂贵的,价值高的,豪华的 | |
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4 housing | |
n.房屋,住宅;住房建筑;外壳,外罩 | |
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5 estimate | |
n.估计,估量;评价,看法;vt.估计,估量 | |
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6 crisis | |
n.危机,危急关头,决定性时刻,关键阶段 | |
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7 preservation | |
n.保护,维护,保存,保留,保持 | |
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8 historic | |
adj.历史上著名的,具有历史意义的 | |
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9 followers | |
追随者( follower的名词复数 ); 用户; 契据的附面; 从动件 | |
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10 aged | |
adj.年老的,陈年的 | |
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11 flipped | |
轻弹( flip的过去式和过去分词 ); 按(开关); 快速翻转; 急挥 | |
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12 cubicle | |
n.大房间中隔出的小室 | |
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13 estimated | |
adj.根据估计的 | |
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14 investments | |
n.投资( investment的名词复数 );投资额;(时间、精力的)投入;值得买的东西 | |
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