How cheap is the cheapest home for sale in your city/region?
How cheap is the cheapest home for sale in your city/region?
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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Great. Just remember that having to deal with the Alabama Supreme Court carries an additional cost.
There's a reason for everything. But Montgomery, Alabama is a bargain housing-wise. You can get a real decent home for 100-150k no problem, and a gem for a bit more. The city has history (a lot not positive for white people) and a newly reelected black Democrat mayor who is pursuing rejuvenation. Some cool things are happening.
I understand the history and cost-related benefits to home buying. I just couldn't live in that kind of conservative political climate.
It's not to be underestimated.