Today, just for kicks, let’s take a look at some of the most inexpensive homes on the market. We found 3 striking options that cost less than $50,000.
How much house can you buy for a buck? Well, if you live in Gary, Indiana, the answer is a lot! As part of a special program designed to help revitalize the community, the city is selling a dozen single family homes for just $1 each. What’s the catch?
To be eligible to buy one of these homes, an applicant must:
- Have lived in Gary for at least 6 months
- Currently have $1,000 in savings
- Earn at least 80% of the area’s median income ($35,250)
- Not currently own a home
- Be able to reside in (and rehab) the home for 5 years before assuming full ownership
The goal of this program is to stabilize the community and improve property values by refreshing homes who have suffered due to foreclosures. This is the first attempt at such a program in Gary, but if all goes well, the city plans to sell 50 $1 homes per year.
We’ve written about grain silo homes and container homes, but what about a foam home? Japanese Dome House Co., Ltd. produces prefabricated dome-shaped huts made from foam. Foam dome kits start at around $30,000 and can be set up within a matter of hours. They weigh 175 lbs, won’t rust or rot and are apparently hurricane resistant. Once in place, you can customize your foam dome inside and out. You can even connect two to double your 475 square feet of livable space.
If tiny houses are more your style, order up a minibox! Designed by ideabox, a business that specializes in modern prefab homes, the minibox offers 200 square feet of customizable living space in a chic, wedge-shaped studio with partial loft. Miniboxes are typically priced around $42,500 and include both a kitchen and a bathroom equipped with energy efficient appliances. There are two floor plans to choose from. Too cramped for your personal taste? Instead of using it as a home, the minibox also makes a great office space or guest house.
It’s true that you won’t make a lot of (or any) commission off the sale of one of these homes, but isn’t it nice to know that home ownership is an attainable goal for a variety of economic levels?
What’s the lowest price range for homes in your market right now?