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ckhthankgod mentioned that it might be interesting to look at home prices just below the national average (as of now, about $285k). Here are some examples of homes in the $240k-$260k ranger in the metro where I live:
I could not possibly cover the whole Los Angeles metro area, but there is nothing for this price in Orange County except a few mobile homes or small condos in sketchy areas, or, if you are over 55 and have a lot of assets, you could buy a small 1- or 2-bedroom condo in a retirement community like Laguna Woods.
In Somerville, it'll get you nothing: https://www.zillow.com/somerville-ma/1-_beds/?searchQueryState={%22pagination%22:{},%22usersSea rchTerm%22:%22Somerville,%20MA%22,%22mapBounds%22: {%22west%22:-71.17670408520507,%22east%22:-71.03079191479492,%22south%22:42.355967055002694,% 22north%22:42.43482019658085},%22regionSelection%2 2:[{%22regionId%22:54458,%22regionType%22:6}],%22isMapVisible%22:true,%22mapZoom%22:13,%22filte rState%22:{%22price%22:{%22min%22:0,%22max%22:2500 00},%22monthlyPayment%22:{%22min%22:0,%22max%22:94 1},%22beds%22:{%22min%22:1},%22sqft%22:{%22min%22: 500}},%22isListVisible%22:true}
There are three foreclosed units that show up in searches for all home types and they don't have estimated values. They'll likely go for more than double $250k. The cheapest place I could find is a 1bed/bath for $399k. https://www.zillow.com/homedetails/8...71008782_zpid/
I could not possibly cover the whole Los Angeles metro area, but there is nothing for this price in Orange County except a few mobile homes or small condos in sketchy areas, or, if you are over 55 and have a lot of assets, you could buy a small 1- or 2-bedroom condo in a retirement community like Laguna Woods.
City of LA has pretty slim pickings too. I tried to filter out vacant lots, but still a few showed up, and including those, there were 70 properties in the entire city for under $250K. Most of the vacant lots are small ones in bad neighborhoods in South LA or they are hilly lots that would cost millions in retaining walls to build a small house on.
Of the properties with a residential structure on them, the only one in Central/West LA was this boat in MDR (maybe technically not in city limits), but the listing says the buyer should have another $15K on hand for maintenance and that doesn't iclude $1600/mo in slip fees, so probably much more expensive in the long run than a condo/mobilr home:
Only 1 in SF proper under $300,000 but there are income restrictions:
1bd/1bth condo 700 sqft in a sketchy neighborhood...
$242,000
HOWEVER:
1 bedroom Below Market Rate (BMR) housing opportunity available at 80% Area Median Income (AMI). Maximum income for 1 person = $68,950; 2 people = $78,800; 3 = $88,700; 4 = $98,500, etc. Must be 1st-time homebuyer & income eligible
What’s funny is that an extra $50k doesn’t get you much more. We have, basically, two areas with $500k homes, but the $250-300k area is otherwise about where we top out here.
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