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?
A tiny 2 bed house that is in poor condition is about £55,000
Very pricey is all i can say.
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Oh fun. $330k for a 500sqft shack that is partially collapsed. The only info on the listing states the lot will need to be scraped, so basically that is the cost of an empty lot.
Going out a bit further, you can find a couple of houses around $350k that are liveable. They are 700-900 sqft and 0-2 bedrooms.
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
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.)
Does HOA mow your lawn, make you food and drive you anywhere?
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…
Explains why my rich brother in law lives in Charlottesville
Good reminder to never move their.
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.
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
There’s no houses that small for sale near me, but the cheapest livable house is about 3x that size, 4br, 2ba, for $150,000, but it’s a townhome. If you want a single family you’re looking at about $200,000. Central Pennsylvania, USA
That sounds like a steal
They’re definitely fixer uppers, and new houses here are going for $450k and up but they’re like 3,000 sq ft
$229k NZD for a 2 bed, 1 bath 80sqm slumlord rental in a shit neighbourhood in Christchurch, New Zealand
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.
The investors were also trained to exploit families, since more members in the household means more potential workers, and that means they’ll be more likely to tolerate a rent hike.
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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.
Park fees for the trailer…
110.000€, 1942 - fit for demolition, 3 room/88 sqm, no heating, 780 sqm ‘savage’ garden.
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.
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.
London? Or somewhere close?
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.
Its all relative really, because we don’t experience extreme temperatures the smaller variations in temperature make a bigger difference to us. It might get up to 25 degrees on a typical summer day and as cold as -10 in winter, but the difference between a day for shorts and a day for a jumper could be only 3 or so degrees
Totally and the cost of gas or electricity could be higher and that makes it a bigger impact.
It does because energy is very expensive in the UK.
