According to the Bank of America Institute, older millennials especially face significant financial burdens these days. So it’s no wonder that two thirds of new buyers in 2023 said they surfed real estate market apps with a set budget in mind.
Which brings us to the popularity of Instagram accounts like Cheap Old Houses. The house listings posted on the account are all for sale, and most are priced under $100,000, with a max of $150,000. “Millennials and younger people, especially, feel priced out of the housing market,” says Elizabeth Finkelstein, a preservation expert and founder of Cheap Old Houses. “Cheap old houses offer another pathway.” Since the start of the pandemic, the account has gone from 75,000 followers to 2.6 million, then went on to become a HGTV show, and now a glossy coffee table book as of last October.