Cheap housing around Raleigh (Durham, Chapel Hill: low income, foreclosure, chapel)

[kedwards]

We are considering relocating to the Raleigh area from Connecticut, and were wondering what places should we look to find inexpensive housing, and I mean under $70,000.00. Mobile homes are okay, if they are on 1/2 to 1 acre of land. Don't mind living in the country, obviously, but would like the commute to stay around 1/2 hour, 45 minutes. Any suggestions from anyone? Is this even a possbility? No kids so schools don't matter.

[MrsSteel]

Where would you be commuting to? The Triangle (what we call the Raleigh-Durham-Chapel Hill area) is rather large, so this is an important consideration.

[MikeJaquish]

Originally Posted by kedwards

We are considering relocating to the Raleigh area from Connecticut, and were wondering what places should we look to find inexpensive housing, and I mean under $70,000.00. Mobile homes are okay, if they are on 1/2 to 1 acre of land. Don't mind living in the country, obviously, but would like the commute to stay around 1/2 hour, 45 minutes. Any suggestions from anyone? Is this even a possbility? No kids so schools don't matter.

You can be in Wake County, even. It will be a handyman special, with additional expenses.

There is some stuff around.

[kedwards]

I'm really not sure. I was looking at jobs in Raleigh, they were state jobs so I guess they would be located where the state government offices are. Sorry to be so vague, but we are just starting the search. Thanks for any help you can give!

[raccemup]

As a rule of thumb, the further out you go from RTP, the less expensive the houses get. I'm in Fuquay and we're about 45 minutes out from RTP and I have seen some older houses in that range. I'd like to recommend Angier and Lillington but that's going to put you at over an hour. I would also try Knightdale, Wendell, and Zebulon. You could find something in downtown southeast Raleigh and in some areas of Durham but they are a little sketchy right now. If you have patience and want to live in an area that will undoubtedly get turned around and see a great return on your investment (5-10 years out), then that's an option, too. Those areas will be urban and not country or rural at all though and may not work depending on what you're looking for.

There's a thread on here call "how low can go" where I posted the least expensive houses in each of the areas around and that may give you an idea where to look.
Good luck!

[saturnfan]

Mobile homes are dangerous in windstorms and depreciate rapidly.

An apt might be a good alternative.

Many state jobs are downtown unless you get into field offices like Corrections. An apt near downtown might help since you get free rides on the city bus lines as a state employee.

[raccemup]

oh I found it! http://www.city-data.com/forum/ralei...w-low-can.html

[MikeJaquish]

If you can handle reworking a foreclosure, or an older home, you will have opportunity. You may spend $65,000, and put another $10,000 to $15,000 in to make it livable.

Mobile homes often are on large lots, if you want that type of lot size. Good financing is the biggest issue, but there is some around from reputable people.

It can be hard to find a lender who will lend less than $60,000, so you will need to shop for money before you shop for a home.

[raccemup]

Originally Posted by MikeJaquish

It can be hard to find a lender who will lend less than $60,000, so you will need to shop for money before you shop for a home.

This is true (AND ridiculous!) It has something to do with predatory lending laws. I guess there's only so much a broker can charge in closing costs so 60K is the point where they lose money and that's their minimum. A bank however has no minimums so you'd HAVE to go to a bank to get a loan under 60K which limits your accesst to different loan programs a broker may have access to. These laws were made to help low income buyers but has ultimately hurt them with brokers cutting off loans under this amout.

[kedwards]

I didn't realize that getting financing for under $60,000 would be so hard. I guess its not so easy to own something if you're poor. Thanks to everyone for all the advice. I will check out the areas you recommended.