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How cheap is the cheapest home for sale in your city/region? (lemmy.world)

submitted 9 months ago by ericbomb@lemmy.world to c/asklemmy@lemmy.ml

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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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[–] ericbomb@lemmy.world 4 points 9 months ago (1 children)

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?"

[–] Vinegar@kbin.social 4 points 9 months ago* (last edited 9 months ago) (1 children)

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.

[–] ericbomb@lemmy.world 2 points 9 months ago

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.