Each week MainStreet takes a look at what we call Extreme Real Estate. Extreme could mean comparing properties that can be had for less than $200,000 with similar spots that go for $2 million or more. Or we might present three houses in the U.S. for less than $40,000 (they do exist). Or a selection of castles in eastern Europe for under half a million. Whatever they are, you’ll be extremely impressed. This week we bring you: The American Dream, Cheap.
The American dream of home ownership can be yours for $50,000 (or less).
In case you didn't know, that's way below the average price. The U.S. real estate bubble has burst in a big way, but according to the National Association of Realtors, the average price of a home still hovers at around $175,000.
But what if your home buying budget doesn’t stretch to the hundreds of thousands? What it if stretched only to $50,000? Can the proverbial American dream still be yours? The answer is yes.
Here are two dream homes for less than $50,000:
Budget House No. 1: A Sweet Deal in South Carolina
About 45 miles east of Columbia, S.C., sits the small town of Sumter (population: approx. 43,000) where an 1,100 square foot bungalow style house offers three bedrooms, one bathroom, a living room with a fireplace and an eat-in kitchen, all for the almost unbelievable asking price of $35,000. Sure, according to listing information, the property does need some TLC, but with a traditional mortgage, the monthly payments ring up to just $175. Taxes for the property are estimated to be another $25 per month, which should leave just about everyone with a few extra pennies for paint and a couple potted plants for the front porch.