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Cheapest house build?
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I am a single male in my early 30's. I want to buy a house but the prices are insane and most houses have more than I actually need. I really don't need much, maybe a 2 bed 1 Bath, 1000 sq ft would be plenty for me.
I know everything can vary and there's a million different factors. But if I were to get a small single family home like I'm describing built on a plot of land what type of range would I be looking at?
And please don't recommend to me to buy a house that's already here, the inventory for homes is so dry right now there is literally nothing in my price range and I have been looking for years now.
I found some land that's build-able for 200k. If I can build a house for 200k and keep my total investment to 400k then I can maybe do this. Would this be possible? I live in Massachusetts.
I don't need much at all and I don't need fancy anything. I can get the cheapest everything and have a small modest home if it's feasible. Let me know what you guys think. Again I know there's a million different variations but I want to make my dream of being a homeowner a reality and my expectations are not very high but I do want a brand new build.
Top Comment: I'm single in my 40s and was looking to buy/build earlier this year. I inquired with a few builders in my region (northern MN) and was told that a basic 700 ft2 house would cost ~200k; with the land and everything, I'm guessing it would have been between $300-350k? Ended up buying a simple, older 770 ft2 house instead. Good luck!
Those of y’all finding cheap homes (under $250k)…
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Honestly, where are y’all finding these homes? I honestly had no clue that homes that cheap still existed. How far or close are you to a major metro? What sort of home are you buying?
Top Comment: Just bought a 3BR, 2 bath, 2 car garage, large yard, 1600 sq ft in Indianapolis for $233K.
Where are the cheap houses
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I looked up avg prices by state.
To summarize:
There are 12 states in the price range of $100k-200k.
16 states in the $200-300k range
13 states 300-400k
5 states 400-500k
2 states 500-600k
2 states 600-700k
1 state 700-800k
The 12 states with the lowest avg house price (100k-200k) are:
WV, MS, AR, OK, IA, KY, AL, KS, OH, IN, LA, MO
Many will say "I don't want to live there". Which is reasonable. But you can't say there are no affordable homes in America. And some of the cities in those states have some nice amenities. Columbus, Ohio. St Louis, MO, Des Moines, IA, etc. I wouldn't count it out completely if I were super desperate for a house.
Source: https://www.fool.com/the-ascent/research/average-house-price-state/
Top Comment: We lived in Des Moines for several years and it’s good living at a good price, just boring if you aren’t like everyone else. Great if you’re looking to have kids and drink beer with your friends on the weekends while watching the game. Must love college basketball.
What's the cheapest way you've ever seen anyone buy a house?
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I'm just desperate to buy a home within the next 3 years but I don't want to take out a mortgage (I have a lot of anxiety about money and I would never feel ok as long as I had debt, because I don't have any backup places to go). It's all I think about but realistically there's no way I could save money for a standard home outright, so I'm looking for ways that people have done it as cheaply as possible. Anyone here end up making some creative choices when buying (or building) their home?
Edit: obviously the cheapest way to do it is inherit or get money from your parents but that is VERY MUCH not an option for me lol
Top Comment: Buy land where manufactured homes and trailers are allowed. Put a trailer on it. Get utilities run, put in a septic, driveway, etc. Maybe next for permanent build, start with a barn. You can add an insulated "office" in it with electric/water/utilities as you can afford to build it. After you have a barn with an "office," then build the house piece by piece.
Where in the US would buy a house you set up a "cheap" base?
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I know house prices are ridiculous right now pretty much everywhere, but if you had to set up a base somewhere in the US, where would you do it?
My friend recently bought a house in Kentucky, near where it borders Ohio and WV for fairly cheap. Looking for other areas like that, hopefully not more than an hour or so away from a decent airport.
Thanks and Merry Christmas!
Top Comment: Would probably focus on states with no state income tax if I plan to file as a resident of that state. Then look for affordable living within those lists of states. Maybe a duplex or multi family where you can rent it partially out while away.
Buying a really cheap (<20k) house? A terrible idea? Whats the cheapest a habitable house can be?
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What's the cheapest a house can be and still be livable? Not comfortable or nice, just livable.
Lately I have been toying with the idea of buying a really inexpensive house, with cash. I have been going on to Realtor .com and searching for the cheapest houses available. There are a bunch in rural Kansas, Illinois and Michigan that are listed between 8k and 20k that look like they could be a fun project. Obviously they are small, old, in need of renovation, in terrible locations, surround by farmland or other decaying buildings, in terrible school districts, not within walking distance of anything, etc. but that is all part of the appeal to me. I really like the idea of living someplace rural and remote. I am more than happy to put in a lot of sweat equity. I want to live cheaply- no rent, no mortgage, low cost of living - so more of my income can go to investments/savings. And I've got at least 10k in the bank, so I could just do it!
The houses I have been looking at are listed as a "handyman special" and sold "as is." How bad can they be? Does a $15k house necessarily have some major structural problem? Would they all cost thousands to repair to be legally habitable?
What are the options for financing? Getting a 30 year mortgage for such a small amount of money seems absurd -only $52 a month!
It has been fun to daydream about, but please, tell me why this is a stupid idea
Top Comment: Most lenders won’t lend anything below $50k for a traditional mortgage so there goes that option out the window right there. Also, sometimes the price reflects the value of the land in its truest form. You can buy a $1k house in Detroit Michigan... as long as you pay the $30k in back taxes, water, sewer, and gas bills that go with the property! Or you can buy a $3k property in Bayview, San Francisco... as long as you clean up the $1 million dollars of nuclear waste that is sitting on the topsoil!
Cheapest way to purchase a home?
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Hello!
I am currently 21 years old, in no rush of finding a home and have ~40k saved at the moment, with no outstanding loans or payments, completely debt free.
I have yet to get my first credit card but I have applied and am waiting.
I would really like to know what the cheapest way to own a home is or if anyone has any advice. I know there are programs for first time home owners but any advice would be greatly appreciated. I currently live in WA so homes are unfortunately SUPER EXPENSIVE.
Thank you,
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Talk with a loan officer. They should be able to let you know when sizeable grants are available. Many of them are forgiven after 5-10 years residing in a property (as your principal residence). That is the only way I can think of to buy a home "cheaper."
Those of you who bought a cheaper house any regrets?
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Hey everyone! I'm curious, how did it turn out for those of you who bought a cheaper house to save money out of choice rather then need?
I'd love to hear everyone's experiences but here are a few decisions I'd personally like to hear about: Moved to a different state with cheaper housing
Bought a smaller house
Moved to a neighborhood with higher crime for cheaper housing
Bought a fixer upper, an older house or a house with some major issues
Top Comment: Never regretted it. In fact almost every day I'm glad I buy the minimum amount of house I need. Your home can very easily rob you of your wealth. You give up a lot of options and opportunity in your life the more you spend on your property. I have bought homes in upward trending neighborhoods, in good school districts, with low crime. You want the asset to be appreciating, not depreciating. But I always bought a house at the very low end of my affordability. I like my house to be worth under $200k that is PAID FOR. I can spend substantially more on vacation and travel because I don't have some huge mortgage and property tax bill. I love it. Also a home "with major issues" is not buying a cheaper home.
I'm considering buying the cheapest house or lot of land anywhere in the U.S.
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New to reddit and this sub so hopefully this is the right place for this post.
I'm single, in my early 20's, currently making less than 30k a year, and live in a tiny studio apartment with my dog. Its fine but long story short, I have to move in the near future to better accommodate my dog's needs. I have a somewhat lucrative job opportunity working for a buddy of mine and, to once again make a long story short, I'd likely be able to put 40-60k in savings over the course of a year or two. I'm considering working my ass off doing this job until I could afford to buy a crappy house or a lot of land that I could put a trailer on. I can work the job from anywhere in the country and I'm willing to move anywhere north of Kansas (without getting too into the details, job does not require me to work at home or have a good internet connection, it's a trucking job that only requires enough space to store a large vehicle).
I've been looking online a bit for cheap spots and I've found lots of places that seem pretty reasonable. Large plots of land for under $10,000 and smaller plots with livable houses for $30,000 - $40,000. I'm not much for the more cramped lifestyle of the city and I'd like to own my own property, is there a catch to these places? It seems too good to be true but maybe there just isn't much demand for kinda shitty places way out in the sticks. Given that this lifestyle aligns pretty strongly with my values and preferences is it a smart decision to try and buy one of these properties in cash, given that it wouldn't affect my employment?
P.S. I have pretty shitty credit so its hard for me to get approved for apartments and I assume it would be pretty hard for me to get a mortgage anytime soon on a "normal" house.
tl;dr: Should I stack up for a year and buy a $30,000 house in bumfuck Pennsylvania so that I'm not beholden to a landlord for the rest life?
All feedback is appreciated.
Edit: kids are not a factor, won't ever have any
Thanks for all the feedback, positive and negative. Ive tried to read through most of the comments, made it through a couple hundred so far, much appreciated.
Top Comment: Why is it so cheap? These places are often in declining areas with few jobs, bad infrastructure, and little resale value. That might not matter if you’re staying forever, but don’t expect appreciation or easy resale. Hidden costs – a $30k house sounds great until you realize it needs $20k in repairs, a septic system, or access to utilities. If it’s land, local zoning laws might make putting a trailer on it a nightmare. Always check property taxes, utility hookups, and road access. Weather and isolation – If you’re in the middle of nowhere, getting groceries, medical care, or even reliable snow plowing can be a hassle. You’ll need a solid vehicle and an emergency fund for surprises. Shitty credit doesn’t matter if you pay in cash – You’d be avoiding mortgages and landlords, which is a win. Just keep some cash for emergencies because once you sink your savings into a house, getting that money back isn’t easy. TL;DR: Yes, you can buy a cheap house in the middle of nowhere, but make sure it has utilities, isn’t falling apart, and won’t trap you in an unlivable situation.
Where to buy a cheap house in Greater LA?
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Hi everyone!
I want to buy a house or maybe a condo. We rent in Bellflowers right now, but I should get a settlement from auto insurance soon, so I thought I would use it as a downpayment for a house.
I expect to get 40 grand or so.
Schools are not important. I am a first-generation immigrant so I am ok to live in a heavily Latino area.
I work in construction, so I travel throughout the county, and my wife is disabled.
I can make a 40-50k downpayment and maybe pay 2k in payments.
My credit score is 770 and my family's annual income is 57k.
What would you suggest?
Top Comment: It's just not enough.