Where to Buy a Home for Less Than $800 a Month

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I own homes Detroit i got 7 house's all 4 under 5,000.00 if and whn the city returns i hope to make out good.

ken of MI 9:47AM June 29, 2011

Why not put a 50% downpayment and get the price down to $500/mo? Or better yet, 100% down with no monthly payments. Don't laugh, it does happen. Almost half the houses in America have NO mortgages. I will join those ranks shortly. I bought a repo house 4 years ago. Asking price was $185,000 and I got it for $120,000 and have it 60% paid for already. It needed work- thus I offered low and the bank accepted the offer. A little sweat equity and I have a great house that I am proud of. Oh, and the payment is just $405/mo. Don't chain yourself to a life of mortgage debt. Buy what you can afford.

dave of FL 2:01PM June 14, 2011

When you can buy a house for less than what it costs to build you should do it. Not throwing your money away on rent, avoiding rent increases, building equity, these are just bonuses.
Buying a house below replacement cost is like buying the Dow at 6300 (half the price of 2 years ago) - it simply won't last.

Polestar of CA 2:38PM May 03, 2011

@Dave360
1) You sound like the fools who claimed "home prices will never drop!", yet dropping they ARE ..and HOW! House prices may not drop another 50% in New Mexico, because let's face it; nobody ever beat a path to go live in NM so RE prices there never rose as much. But in extremely bubbly (and popular) areas of the East & West coast, another 50% drop is quite REASONABLE, given that prices are still completely out of whack with EARNINGS.
2) People like you who claim that "other countries are no better" HAVE NEVER EVEN LIVED IN ANOTHER COUNTRY. Ever. The fact is that the U.S. government no longer abides by Rule of Law, lacks Accountability, favors the top 10% of its population over the other 90%, actually STEALS from the bottom 90% in order to transfer the wealth to the aforementioned top 10% ...JUST LIKE IN ANY *OTHER* 3rd World Craphole
Face it, you choose THIS craphole over any other ONLY because you've never known ANYTHING ELSE.

Al Falfa of CA 2:17PM April 30, 2011

Home prices across the country may have further to fall, or they me be stabilizing in some areas, but one thing is certain. Prices will not be going up any time soon. There is no rush. As soon as mortgage rates rise, and approach normal rates, home prices will fall even further. That is a fact.

Paul Marangoni of CA 12:28PM April 30, 2011

I live in Albuquerque and considering the shortage of rental homes right now, it is a good indicator that we might be finally leveling off. For the first time in maybe 7 years, you can buy a house for about the same cost as renting it, and rents are going up. This is sure to help put a bottom on home prices.
Regarding the two comments above, there is no possble way home prices will drop in half in the next two years. That us pure hyperbole. I do not have the time or space here to write all the reasons that is not possible. And if anyone thinks other countries are in better shape than we are, they haven't even begun to look elsewhere. Sure, things are tanking here in a big way, but there are so many reasons why we are still better off here than anywhere else. There may be a few places that would be almost as nice and as secure, but even those have their drawbacks and risks!

Daves360 of NM 8:33PM April 29, 2011

At the rate this country is COLLAPSING, I've decided that the next home I buy WILL BE IN ANOTHER COUNTRY.

Al Falfa of CA 2:08PM April 29, 2011

Wait two more years, and those same homes will be half price again. You would be NUTS to buy a home now while the market is still deleveraging. We have a long, long, long, long, long way to fall. Don't be a moron and buy a home now halfway down the cliff.

Kevin of AZ 1:31PM April 29, 2011

I've been looking at Austin myself. That said, its not exactly a cheap city. As others have stated there is a 2-3% property tax there. A lot of the nicer - aka non-cookie cutter areas- are actually quiet pricey, as in $300,000+.

nutin' of IA 11:12AM April 29, 2011

This article is a typical Realtor lie. If anyone thinks not including Property Taxes and Insurance is the right way of arriving at the cost of owning a home, they must be either stupid or liars. For example in the State of Texas, the taxes are close to 3% of the appraised value of the property. So, in this case, the Austin home would cost you at least 400 bucks more a month!!

Neil K of TX 7:51AM April 29, 2011