Want to buy a 'fixer-upper' home? Here are the top U.S. cities.
Terry Collins- StorageCafe analyzed 61,200 active single family listings
- The median cost of a fixer-upper home is about $225,000
- But, the fixer-upper market is not easy, one realtor said.
Milwaukee. Philadelphia. Detroit. Memphis and Baltimore.
These are just a handful of the top 10 cities in the U.S. with the lowest cost of "fixer-upper" homes, according to research from StorageCafe, a nationwide storage space marketplace.
What's a fixer-upper? It's a house that's available to buy at a lower price because it usually requires major work. Think of it also as a labor of love – literally. Although buyers can likely still live in a fixer-upper, they will likely need to spend a lot of time and money on maintenance and upgrades.
"Sky-rocketing home prices, bidding wars, low inventories and record-high interest rates have put many prospective homebuyers on the sidelines. But there’s still more, and that’s fixer-uppers," said Doug Ressler, a business intelligence manager for Yardi Matrix, which provides real estate analysis for investors and conducted StorageCafe's survey.