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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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[–] ericbomb@lemmy.world 19 points 8 months ago (1 children)

For more fun, calculate how much money you would have to make to meet the rule of having your mortgage only cost 30% of your take home pay!

To buy a home with a 2k mortgage and keep that rule, you'd need a TAKE HOME pay of nearly 80k, so easily needing 6 figures gross pay to afford these two homes while still keeping this rule.

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

By that calculation I am incredibly lucky (UK home owner). My mortgage is 16% of my take

[–] ericbomb@lemmy.world 11 points 8 months ago

I'm not saying I would kill to have my mortgage be 16% of my take home pay.

But if the military could guarantee it, id consider it.