In Utah County the cheapest “House” for sale is 600 square feet, 2 bed, 1 bath, at $300k.
So at current interest rate it would be $1,800 a month mortgage(assuming you put the 60k down payment! A decent amount more if you do 3% down.)
The cheapest condo/town in utah valley is 205k, 1,100 square feet, on a 400 square foot lot. But due to a $500 HOA fee the monthly cost is still 1,700 a month (assuming 20% down).
With 3.5% down they’d both be closer to 2.1k +PIMI.
So yeah, how is where you live doing?
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There’s 41 houses/duplexes for sale in my city at or under $50k. The lowest are listed at $5,000 but someone could probably buy it for less. The city also provides $20,000 in money to fix up any of the houses they own.
Detroit?
zillow says there are 379 houses in detroit under $50k
also 77 multifamily structures
4.5 Rooms, 95 square meter apartment, 1‘315‘000 CHF.
Tu dois dire ou, le prix dépends de la localité
Muesch säge wo, dr pris hangt vom ort ab
Rotkreuz, Zug ;)
Definitely under 50K (USD), but that’s because I live in the sticks.
Around 50000$ equivalent.
I’m in a tiny industrial town in western norway, and there’s this one house that nobody wants to buy because “fixer upper” would be understatement of the year. The price tag is mostly based on the property, whereas the house itself needs ro be removed.
38 m^2, 2 rooms, 1 bathroom, 169000 € in a rural part of a bigger city in Western Germany.
That’s an exception, though. The house is a bit weird since it apparently stands next to a church in the backyard of some other building…
The church bells’ relentless ringing, calling for the children of the area to come to the priest’s most loving care, probably drives down the price a lot
For more fun, calculate how much money you would have to make to meet the rule of having your mortgage only cost 30% of your take home pay!
To buy a home with a 2k mortgage and keep that rule, you’d need a TAKE HOME pay of nearly 80k, so easily needing 6 figures gross pay to afford these two homes while still keeping this rule.
By that calculation I am incredibly lucky (UK home owner). My mortgage is 16% of my take
I’m not saying I would kill to have my mortgage be 16% of my take home pay.
But if the military could guarantee it, id consider it.
I bought my 3BR 1bath SFH, west side of Chicago, for $61K… kinda. To be actually livable it needed another $21K in immediate repairs (electric, plumbing, HVAC).
Luckily I refinanced right before inflation went crazy, so my total mortgage + escrow is $945/mo.
We also looked at a 3-flat building for $2K, but it had a $10K lien on it and all the copper had been stripped, sooooo
2 bedroom, 1 bath mobile home from 1960: $26,900.
$650/mo. HOA fees.
Holy shit. I thought the $650 included HOA fees. That’s literally JUST the HOA fees. My mortgage on a $300k house is only $300 more than that. Though, I do have a 3% loan. Not getting that again.
Trailer parks saw how much money normal land lords were making, and were like “What’s stopping up from raising rent for no reason as well?”
It’s actually far worse than that. Trailer park Millionaires is a report from 9 years ago following wealthy investors who were buying up trailer parks so they could Jack up rent. Investors specifically targeted sex offenders, convicted felons, and other desparate tennants, so they could mercilessly exploit them since they truly had no place else to go.
Oh well isn’t that swell, add on some of those people probably have loans for their mobile homes and can’t afford to move them, and we get what we have.
Just a couple of years ago I found two houses on Zillow going for $65,000 in Cleveland. A front house/back house situation.
When you say front house / back house is that like a duplex?
Two separate houses on the same lot, one is in the backyard of the other.
Oh that’s odd.
Out of curiosity I Googled the term “backhouse” and apparently it wasn’t that unusual around the early 1900’s. They still exist but most people are unaware because they are out of sight unless the front house gets torn down, even then it just looks like a house with a big front yard. Growing up in the burbs I never saw one. In the early 80’s lots of my friends rented them because it was cheap
Not answering the question really, but it prompted me to check out property prices in my home town in New Zealand - small town near a small city in the south. Example: 3br “character” wooden villa on a small section, NZ$700k (US$434k, £350k). I had heard about the explosion in NZ house prices, but that really took me aback. The house I live in now, 3br mid-terrace with garden in a similar sized Scottish town, would sell for about £250k. Even that seems crazy expensive, but at least it’s within half an hour of a fantastic city.
(The estate agent’s website lists previous sale prices, it shows the kiwi horror story: 2022: $570k; 2019: $430k; 2011: $271k; 1988: $52k; 1984: $26k.)
Like $15k if you want a total gut & remodel
Edit: found one for $10k. Fun. https://www.zillow.com/homedetails/1205-Mill-St-Pittsburgh-PA-15221/11379395_zpid/?utm_medium=referral
Holy shit. How does that have a positive value? Still, Pittsburgh… hm…
Hyup. I was born and raised here, and love the city to death.
Wilkinsburg is a bit of a strange part of town. It’s one of a few neighborhoods that have resisted annexation for a century plus. Just look at a map of Pittsburgh and you’ll see big empty holes (literally mount Oliver is completely surrounded by the city). This results in some weird circumstances, wilkinsburg has really high taxes, shit schools, and is one of the rougher parts of town.
On the other hand, I love where I’m at in the city, I got a beautiful 1800 sq ft 4BR home built in 1890 along the river. I can see the water from my front stoop. $160k, and I have a few roommates. Currently slowly renovating the place.
It is a bit ironic opening Instagram or something and seeing posts like “omg! Pittsburgh is so affordable, my rent is under $2k!!!” For those shitty “luxury” apartments going in all over the country. Meanwhile, my mortgage is $830 because I bought during covid.
I feel the creep and know the city isn’t gonna be affordable forever. Wages are still a bit shit around here.
Does that count though? If it isn’t even legal to live in yet, I think we should add rebuilding costs to be accurate. I could afford that $10,000 with help from the bank, but wouldn’t have the first idea how much it would cost me to make it livable. Can you still get a mortgage or house loans on materials to rebuild?
“EXPLORE the UNTAPPED POTENTIAL”, I love the agents unyielding optimism.
$229k NZD for a 2 bed, 1 bath 80sqm slumlord rental in a shit neighbourhood in Christchurch, New Zealand
$70k in my area in NC. It’s a lovely 2bd/1ba, and can keep the rain off your head (mostly). It totally wouldn’t be condemned if actually inspected.
Rule 1 of affordable housing:
No narcs!
The cheapest home I could find in my hometown of Vancouver, BC is:
1 bedroom, 1 bath, 696 sq/feet 398,000
Just to point out, everyone else is talking about detached single family homes. The person from Vancouver gave a tiny apartment and it’s still worth nearly half a million.
Vancouver’s housing is out of control.
Has that “absentee owner” law (or whatever the name is) taken effect yet? Do you think it will help?
The current government is trying to add things fairly quickly, the absentee owner law is in effect, and they did just add another 20% ‘flipper’ tax. As mentioned though, people still own way too many houses. My current landlord owns 7.
To add to this, they’re banning mass AirBNB rentals which should help. But yes, banning ownership of more than 2 properties would surely help most.
Nothing will help unless they ban the ability to own multiple properties. Policies such as the empty homes one have intentional loopholes
Just wanted to quickly point out - there’s likely nothing for 1.35 million in Vancouver. There are in greater Vancouver though.
And yes, 100% out of control.
The cheapest one is apparently in the town next door. It’s a 3 bedroom, 1 bath, 984 square foot single family home built in 1955, on a third-of-an-acre lot with no HOA.
All the pictures are of the outside only, so I’m assuming the inside is pure shit. However, I also have to assume it’s some kind of liveable shit, because the places that aren’t liveable generally have to list as “0 bedrooms”.
It’s $60,000, in south/central New Jersey. Or $665 per month, which includes 30 year mortgage as well as property taxes.
Thank you for acknowledging central jersey :)
