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

submitted 8 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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[–] TheRaven@lemmy.ca 28 points 8 months ago* (last edited 8 months ago) (2 children)

Just to point out, everyone else is talking about detached single family homes. The person from Vancouver gave a tiny apartment and it’s still worth nearly half a million.

The cheapest detached home for sale is $1,350,000, and it’s about as far away from downtown you can get while still being in the city of Vancouver.

Vancouver’s housing is out of control.

[–] bobbyfiend@lemmy.ml 4 points 8 months ago (2 children)

Has that "absentee owner" law (or whatever the name is) taken effect yet? Do you think it will help?

[–] rab@lemmy.ca 5 points 8 months ago

Nothing will help unless they ban the ability to own multiple properties. Policies such as the empty homes one have intentional loopholes

[–] TSG_Asmodeus@lemmy.world 2 points 8 months ago (1 children)

The current government is trying to add things fairly quickly, the absentee owner law is in effect, and they did just add another 20% 'flipper' tax. As mentioned though, people still own way too many houses. My current landlord owns 7.

[–] TheRaven@lemmy.ca 2 points 8 months ago

To add to this, they’re banning mass AirBNB rentals which should help. But yes, banning ownership of more than 2 properties would surely help most.

[–] TSG_Asmodeus@lemmy.world 1 points 8 months ago (1 children)

Just wanted to quickly point out - there's likely nothing for 1.35 million in Vancouver. There are in greater Vancouver though.

And yes, 100% out of control.

[–] TheRaven@lemmy.ca 1 points 8 months ago

Yeah, actually found a detached 2 bedroom. It was so far south it was practically on the Fraser River, but still in Vancouver.