We weren’t kidding when we said the HGTV Dream Home prizes are taxed. The rules state that all sweepstakes are subject to federal, as well as state and local taxes. That’s not even including the costs of living — a major change in itself, since most winners are used to much smaller properties. It’s not exactly surprising, then, that in 2018, Country Living reported that not even 30% of the contest’s previous winners had been able to afford their new homes for a year or longer.
Instead of taking the home, many past winners have ended up selling. Per Country Living, there was previously an option for winners to sell the homes back to the builders, so long as they did so within a period of 12 months of taking ownership. That’s no longer the case, but it is still possible for winners to sell of their own accord. Today, the network also offers a cash prize alternative for those who aren’t willing to take the risk. In 2024, the cash prize is a cool $650,000 (via HGTV).
Given the hidden costs, it’s safe to say that the cash prize is usually the better choice for most contestants. However, some who have taken and lost the homes are happy they took the chance. Such was the case with 2005 winner, Don Cruz. Speaking to KLTV, he shared, “I’d do it all over again.” Hey, for a short time, he did get to live the dream.
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Nicki
