Affordable Housing On $5 A Day
A website which tracks affordable housing nationwide, has recently found numerous locations in the U.S. where home ownership has dropped below $5 per day.
The free site, www.AffordableHousingAuctions.com tracks final auction prices of homes sold. Then calculates their daily cost based on a 10 year loan at a 7% interest rate.
In a few (U.S.) locations, the most affordable housing appears to reaching extraordinary lows. With some homes requiring less than $1 per day to pay-off a 10-year mortgage.
By comparison, a home with a $150,000 mortgage balance, using the same formula, (7% interest paid-off in 10 years) would cost a homeowner over $57 per day.
According to James Massey, publisher of the site; “Understandably the most affordable housing is showing up in the areas facing tho most serious economic challenges. The high unemployment levels probably wouldn’t be a good location for anyone needing a solid job to support a family. Retirees on the other may find some incredible bargains.”
Massey added; “Regardless of low prices, it’s important to proceed with utmost of caution before buying anything in a auction situation. Making sure the neighborhoods safe, the house (structurally) sound, and the title clear, should be a top priority before bidding on anything.”
To see affordable housing priced under $5 per day visit: www.AffordableHousingAuctions.com
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