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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I’m in Ashburn, VA. I just looked at Zillow and saw that the cheapest single family home right now is $625k for 2060 sqft. If you have a credit score >719 and put $100k (~16%) down, it’s only $4438/month according to their estimates.
So my wife and I live in an apartment with no kids or pets, and we both work a lot… Maybe one day we can afford a townhouse? I just found a decent looking one that’s only $450k so $3200/month…
Good reminder to never move their.
The cheapest home I could find in my hometown of Vancouver, BC is:
1 bedroom, 1 bath, 696 sq/feet 398,000
Here in London, you can easily find for £120k a nice 100m² garage without plumbing outside of a busy hospital where passerbys go to smoke and urinate.
You wish it was a 100m2 garage for that price!
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.
This is for an area of western, suburban Tokyo. Edit: most are going to be around 1.25+ hours into Shinjuku involving transfers and up to a 20 minute walk to the nearest station.
In USD terms, around $76,000. 52.x square meters 3 rooms, bath, dining+kitchen (so one room is presumably getting used as the living room). Another few hundred a year in maintenance/condo fees. But it’s in a building from 1976 which is before the latest major earthquake law revision and I would absolutely not live there (property can appreciate in Japan, but houses are not seen as investments and lose value really quickly).
Poking around, there are freestanding houses as well in that range, but they cannot be rebuilt so you’re stuck with the existing structure (I don’t know to what degree one could legally “Ship of Theseus” the thing; interior renovation is fine). This is mostly due to a change in law requiring at least a 4-meter-wide (IIRC) road connecting to the property (and mostly for emergency services access). You can buy these on the cheap but it’s because they’re not a long-term solution and you’ll be stuck holding the bag on worthless land to all except maybe a neighbor who might want to buy it (but if it’s for sale now, they don’t).
There are actually a surprising number of buildings after 1981 (latest major earthquake law revision, basically required for mortgage + insurance), but a lot of them are in areas with heavy restrictions (landscape laws, height laws, aviation laws (I have no idea what that one means; maybe it’s in a flight path (noisy) or has some additional height/light restrictions?)), etc.
The search site I used doesn’t have any good way of searching for used homes without restrictions built after 1981 for comparison and I got tired of clicking.
Prices jump a lot within a 20-minute walk of the closest station; most people don’t want to live further.
Here in a small village in the Netherlands the cheapest is 315k euro for 65m2 and 2 bedrooms
Well, there goes my dream retirement plan.
For a “cheap “ suburb of Boston
- $580k for 1,038 sq ft 2 br on a 5,000 sq ft lot. The homes on this area were originally built as summer cottages so they’re going to be expensive to heat. Of 12 single family homes for sale, 7 are over $1M and one is in a different town
- $265k for a 1 br condo, 579 sq ft. The only feature listed is “private entrance”. Second cheapest is a new townhouse for $1.5M
315k GBP for a 2br ‘period property’ (aka a disgusting dilapidated horder house with the energy efficiency of a tent)
Figure in another 100k and a year to fix it, due to how UK contractors work.
Does energy efficiency make a big difference in the UK? I was under the belief yall had a pretty tame climate. In Arizona it’s not uncommon to have days around 45 degrees for months so I know the efficiency really matters.
It does because energy is very expensive in the UK.
155.000€ for new 5 bedroom 200+ m2 duplex in my small town in Spain.
No HOAs! supermarkets and schools are in walking distance ;)
Cheapest is around 30K, but why bother?
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
“EXPLORE the UNTAPPED POTENTIAL”, I love the agents unyielding optimism.
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?
The OP said “house”. Interpret that however you’d like I guess. If you bought this place for $10k in cash, I don’t know who exactly would stop you from clearing out a room and living in it while working on it.
You can get a loan for just about anything from the bank. You don’t even have to be very specific about what you’re using it for. All they care about is credit history, what interest rates they’re giving you, length of loan, blahblahblah
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.
$229k NZD for a 2 bed, 1 bath 80sqm slumlord rental in a shit neighbourhood in Christchurch, New Zealand
There are houses in my town that have sold in the last 12 months for less than $100,000.
These don’t include the shacks that are falling apart that sell for $30,000.This one was bought, fixed up, and is currently listed for $132,000.
That’s a shed, mate
With a quick search on Zillow for Lincoln, Nebraska (~300k pop college town), cheapest I can find is $90k for a 1 bed/1 bath 500 sqft condo. $100k for a 1 bed/1 bath 500 sqft house, though technically that’s a foreclosure so you might not consider that to count. The cheapest normal house for sale that I can find is $110k for a 2 bed, 1 bath 1500 sqft house. It’s an older home, but actually a pretty decent location (close-ish to downtown).
(£1 gbp = $1.27 usd = €1.17 eur)
Cheapest land - £15,000 (0.56 acres)
Cheapest “house” - £50,000 - The dwellinghouse may be suitable for renovation or as a building site for a new property
Cheapest livable house - £85,000 - looks like it was lived in at least.
Cheapest flat - £85,000 (1 bed)
Church - £100,000 - The adjacent cemetery is not included in the sale.
Definitely under 50K (USD), but that’s because I live in the sticks.
