Even though millennials are being priced out of the areas they grew up in, it is important for them to never feel like they are settling for a house. It’s a massive decision, and you want the right one.”

Matt Romano

Leaving the nest isn’t easy for millennials, for at least two reasons — prices being one, the other being options. Abandoning the hometown where they grew up becomes almost inevitable in today’s competitive seller’s market. This is a reality that hits close to home for Maddie (26) and Ryan (29) Coccio, a young couple from Bristol County.  

“We’d probably still be holding out hope for prices to drop if we didn’t have a child now,” Maddie said. The need for more space pushed Maddie and Ryan to begin their search for a first home in January 2025. But they knew from the start that their hunt would have to exclude their hometowns — Bristol and Warren — where prices were (and are) simply out of reach.  

Matt Romano, a real estate advisor with Romano Realty Group who has focused on the East Bay Area — including Warren, Bristol, and Barrington — during his six years in the business, shared his insight on the matter. He said, “Natives to the area are being forced to look elsewhere in the state for more affordable housing — with some even considering nearby states like Connecticut or Massachusetts.”

According to Romano, many buyers fall into a lower purchase bracket between $300,000 and $400,000, which limits their options to dated properties or homes that need significant repairs — options that are nearly impossible to find in Bristol County.  

With a slightly higher budget, between $400,000 and $450,000, Romano was able to help the Coccio family find a home in Riverside. However, this came after seeing several unacceptable options in surrounding areas. Maddie said, “We saw one in Tiverton listed for $400,000, but it had a giant hole in the wall from the chimney separating from the house, and it also needed a new septic system. And that house sold shortly after for more than the asking price.”  

The home the Coccio family ultimately chose only required mostly minor cosmetic repairs, such as redoing the floors, painting, and installing new appliances. As a result, they had to invest an additional $10,000 before moving into their “home away from their hometowns,” but according to Maddie, they are enjoying being new homeowners.

Settle without settling  

Romano emphasized the importance of choosing a home that fits the buyer’s needs — even in a seller’s market where options are limited. He said, “Even though millennials are being priced out of the areas they grew up in, it is important for them to never feel like they are settling for a house. It’s a massive decision, and you want the right one.” His advice is to set realistic expectations without settling.  

A single income borrower in 2020 could make $60,000 to $80,000 and be able to afford a home, but now it’s more in the $125,000 to $140,000 ballpark (nearly double), according to Romano. 

Not only is it necessary to have a significantly higher income to afford a home (even outside of a preferred area), buyers in Rhode Island face competition from out-of-state buyers, according to Sarah Huard of Mott & Chase Sotheby’s International Realty. And yet, buyers aren’t willing to settle. Huard said, “Buyers have become more particular, I’ve noticed. They pause when the backyard isn’t big enough, and they hesitate if the home doesn’t have everything they want. Either they don’t have excess equity, or they’re simply not willing to throw it around.” 

Sellars are running into issues as well, as rents are too high and condos are full. Huard said, “They don’t want to list if there is nowhere to go.” Between sellers who want to sell but have nowhere to go and buyers, being more particular and willing to wait for the right one, Huard has taken on a different role as a real estate agent. She said, “Counseling is 90 percent of what I do at this point.” She helps her clients with all aspects of planning and takes steps to make sure they are getting what they want in their home purchase, without having to settle — the backyard, the laundry room … 

The Coccio family, with the help of Romano, only looked at options within their budget — a step that helped them make a realistic choice without settling. Maddie said, “We were so frustrated we couldn’t afford them, so we didn’t look at any in Warren or Bristol.” The towns they considered included Tiverton, Somerset, Rehoboth and Riverside — the latter being the one where they found a home away from their hometowns that they felt they could call their “home sweet home.”  

Still, the couple hasn’t taken homeownership in Bristol or Warren off the table. “Our hearts will always be in Bristol and Warren,” said Maddie.