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?
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.
Explains why my rich brother in law lives in Charlottesville
Fairfax isn’t any better. We looked at a 1625sq ft here that sold for $800k. And it was from the 60s and old as hell.
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!
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.
The cheapest detached home for sale is $1,350,000, and it’s about as far away from downtown you can get while still being in the city of Vancouver.
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?
Nothing will help unless they ban the ability to own multiple properties. Policies such as the empty homes one have intentional loopholes
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.
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.
Yeah, actually found a detached 2 bedroom. It was so far south it was practically on the Fraser River, but still in Vancouver.
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.
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?
Here in Victoria BC the cheapest detached house is just shy of $1m cad. What a shithole
Here in a small village in the Netherlands the cheapest is 315k euro for 65m2 and 2 bedrooms
Godverdomme. Right behind my house also Dutch village they built a new building with apartments, 240-270k for 35m2, they’re literally shoeboxes.
Well, there goes my dream retirement plan.
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“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?
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Holy shit. How does that have a positive value? Still, Pittsburgh… hm…
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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.
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
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
$229k NZD for a 2 bed, 1 bath 80sqm slumlord rental in a shit neighbourhood in Christchurch, New Zealand
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 :)
$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!
Definitely under 50K (USD), but that’s because I live in the sticks.
