Buying a home for $11,000 (or less)
(MoneyWatch) Can you really buy a home for $11,000? Amazingly enough, many houses are available for that meager sum, or even less.
Real estate is the most affordable it's been in ages. In fact, data from the National Association of Realtors shows more people can afford homes now than at any other time since the the trade group began tracking such numbers in 1970. And while home prices are slowly rising, there are deals to be had all across the country. If you have $11,000 and a little elbow grease to spare, you can pick up a nice piece of investment property or perhaps even your first home.
Houston
Houston has a booming economy and plenty of culture, but it's also pretty affordable. For less than the price of a car you can pick up a modestly finished one-bedroom, one-bathroom condo. Priced at $11,000, this home has 784 square feet and features a fireplace, balcony and tile floors. There are ceiling fans in every room and access to a community pool, both nice features in a hot Houston summer.
Detroit
Detroit was hit hard by the Great Recession, and home prices in the city are still struggling to recover. But if you're a resident looking for a new home or an investor with love for the Motor City, the local real estate market may be right for you. You can snag this three-bedroom, one-bathroom single-family home with a large backyard and big eat-in kitchen for $10,000.
Memphis
If you're a music lover, Memphis is the city for you. The city is home to Sun Studios, where greats like Elvis Presley and Johnny Cash recorded some of their biggest hits. It's also one of the most affordable cities in the U.S., so there are plenty of deals to be had. This two-bedroom, two-bathroom home is listed for $10,500 and features 1,169 square feet of living space, a surprisingly well-kept kitchen and an in-ground pool.
Milwaukee
Milwaukee is known as a beer lover's paradise. The city has hosted some of the largest brewers in the U.S., including Pabst, Schlitz, Miller and Blatz, and is currently home to a number of breweries, big and small. It's also full of great real estate deals. For $11,000 you can pick up a three-bedroom, one-bathroom Dutch colonial home with 1,217 square feet of living space. The home also boasts hardwood floors, a fenced-in backyard and an eat-in kitchen.
Atlanta
The Atlanta real estate market took a nosedive when the housing bubble burst and has been rocky ever since. According to the latest Case-Shiller home price index, values in Atlanta are still hovering below their January 2000 levels. There are steals everywhere you turn, and many of the ultra-affordable homes are surprisingly nice. This three-bedroom, three-bathroom home features 1,342 square feet of living space, updated finishes and a nice big yard. The price? Only $9,000.
