ST. LOUIS – If you’re in the hunt for a new home, perhaps your best opportunity might come with one that needs a little TLC. With that in mind, new research shows St. Louis might be a good place to get started.
Home repair website Frontdoor released a study on the price and availability of “fixer-upper homes” last month. The study recognized St. Louis for having the lowest price premiums for fixer-upper homes among cities with at least 1,000 home listings.
Frontdoor notes that the average fixer-upper home in St. Louis costs nearly 65% less than the average non-fixer-upper, the best reduction of any U.S. city.
The research team also notes, “the resale price of the home, once renovated, is likely to match the average price across all categories, dollar for dollar.”
According to Vice.com, in 2019, St. Louis launched a “dollar house” program to offload nearly 12,000 properties. This was done to help promote potential fixer-upper opportunities, and homeowners were encouraged to renovate and stay in the homes for at least three years.
As for the study, Honululu, Hawaii was recognized for having some of the most expensive fixer-upper homes, on average with price premiums nearly 70% higher than non-fixer-uppers.
