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Not knowing what the future holds is a given, but our best guesses dictate our behavior. This seems to have never been more true for homeowners: while many are being ultra-selective in the projects they spend on, others are shelling out, and on one particular type of project no less. It’s a trend that’s gaining momentum with wealthy homeowners and less affluent ones alike. We tell you more about it in today’s news digest. Also in today’s edition: the housing market stalls, the eye-popping price of starter homes, deals, recommended reads, and more.
Home Buyers Bet Big on Bunkers
Bunkers aren’t just for doomsday preppers anymore. The ‘panic-industry’ boom is here: according to a 2023 survey by Finder.com (via the New York Times) about a third of American adults were prepping for doomsday scenarios, spending about $11 billion over a 12-month period to do so. That included making modifications to their homes, such as building bunkers, arsenals, tunnels, shelters, and more. These home additions are typically pricey and the clients who opt for them are often wealthy homeowners, but businesses specializing in these construction projects are seeing a notable shift. Working-class homeowners are increasingly creating demand for these additions, and companies are adapting. Some are selling bunkers for a relatively low cost of $20,000, making them more accessible—and therefore a surprisingly trendy project. Who knows? Maybe the next house you buy will have a bunker. Call it a sign of the times.
Slow Selling Stalls The Housing Market; Starter Home Prices Peak; Actor Blasts Leaf Blowers In Viral Video
Another day, another blow to the housing market. Sellers are having a really tough time: Sales of existing homes fell in March to a six-month low, with the pace of sales the slowest since September 2024. Potential buyers are stalling due to economic uncertainty, job insecurity, high interest rates, and increasing home prices. There’s no sign of the trend reversing, either.
High home prices aren’t just affecting those looking to upgrade. The average national price of a starter home is still relatively attainable at $192,514, but 233 cities nationwide have typical starter home costs that eclipse that. Cities in states like California, New York, and New Jersey have starter homes that are worth $1 million or more. Just five years ago, only 85 cities nationwide could claim that eye-popping stat.
Actor Cate Blanchett has a bone to pick with leaf blowers. Her comments on an episode of the video series ‘Subway Takes with Kareem Rahma‘ went viral: “Leaf blowers need to be eradicated from the face of the earth […] My rage went through the roof in Washington [D.C], where I think there’s the highest concentration of leaf blowers and they banned them. They did a study back in, I don’t know, 2010 or something, that 30 minutes on a leaf blower has more pollution than driving a pickup from Texas to Alaska. So they banned them in Washington.” The verdict? She’s not wrong. According to the Kleinman Center for Energy Policy at the University of Pennsylvania, “In 2011, engineers at the car company Edmunds estimated that driving a Ford F-150 Raptor truck from Texas to Alaska would emit the same amount of air pollution as a mere half-hour of yard work with a two-stroke, gas-powered leaf blower.” Here’s hoping we’ll see leaf blower technology upgrades soon.
Deals Worth Your Dime
Wayfair’s Wayday event is from April 26 to April 28. There are some pretty stellar deals on patio furniture, garden needs, and so much more. Now’s the time to pick up what you need for outdoor living—after all, Memorial Day is only a mere few weeks away!