Millennial couple share their regret over $300,000 'starter' home

A millennial couple have come clean on their regret in buying a $300,000 ‘starter’ house.

Robert Giametta and Christopher Luquer, both in their early 30’s, told CNBC’s Make It that they came to rue the purchase within a year.

The couple bought a three-bedroom, 1970’s-built house in Cairo, New York, for $US195,500 ($AU306,000) after a long hunt during COVID. They had not expected to afford a house, and were thrilled to find something within their budget – albeit a few hours of the city.

They have spent $US20,000 ($AU31,000) to $US30,000 ($AU47,000) renovating the home, which has a charming chicken coop, they told CNBC’s.

“It was the perfect starter home and was a little bit better than the other ones that we saw for the price,” Giametta said.

“It was emotional because we lived in apartments and had horrible experiences with neighbors and landlords, so it was nice that we didn’t have anyone over us.”

But they felt lost in the process and isolated from family and friends, who lived a significant distance from them.

Australians have done just this and sought out regional areas for affordability. However, the Aussie experience seems much more positive than what Luquer and Giametta have gone through.

The exodus of city dwellers to regional Australia is flowing at a rate of almost 20 per cent more than the pandemic era.

COVID-19 is often credited for spurring metro residents to sea and tree-change zones.

However, fresh data for the September quarter shows regional migration from the capitals is 19.2 per cent greater than the same movement noted during the “height of lockdowns”.

Most metro folk seeking greener pastures are from Sydney and Melbourne.

The Regional Movers Index, by the Regional Australia Institute, reveals 35.6 per cent more people are leaving capital cities to reside in country areas than the reverse.

“As a result, city to regional migration now accounts for an 11.3 per cent share of all internal migration flows, compared to 8.3 per cent for regional-to-capital movers,” the report, in collaboration with the Commonwealth Bank, says.

Net regional migration is at a two-year high. Sydneysiders account for 57 per cent of city-to-country migration, and Melburnians clock in at 38 per cent.

Luquer and Giametta have shared their story on Giametta’s TikTok account, where he explained when and why the sense of remorse kicked in.

He said that the situation had become “depressing” and they do not feel suited to this version of country life. They are more cut out for the dynamism of the city.

Cairo’s older population also contributed to their feeling of isolation, as there was little to participate in around town.

Giametta told CNBC that “cheaper doesn’t mean better” and not selecting a city to live in contributed to their sense of contrition. Cairo is about a two-and-a-half hour drive north of Manhattan.

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