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How Much House Can $10,000 Buy?

Posted By Jim On 06/15/2009 @ 2:22 pm In Personal Finance | 49 Comments

Bankrate recently looked at what $400,000 can buy today [3] in the real estate market. I poked around, checking out a 3 bedroom, 2/5 bath 1,730 sq. ft. home in San Diego, CA [4], that seemed to be directly on top of the home next door, and a monster of a brand-spanking new home in Houston, TX [5] that had nearly 2,500 square feet.

But I didn’t think that was realistic. Doesn’t Bankrate know we’re in a recession!? I wanted to know what $10,000 can get you.

Baltimore, MD

Baltimore, home of one of my favorite shows, The Wire [6], has plenty of homes available for a cool $5,000. Located on idyllic Miles Ave, this two bedroom, one bath gem sits on a 0.02 acre lot. Built in 1912, this rowhome located in the Hampden subdivision of Baltimore City has an estimated property tax of sixty-eight bones. If you want to view it, you must sign and return a waiver prior to showing, which occurs at your own risk. For five thousand bucks, this baby is yours (you may want to install windows and doors though so you’ll probably want to have some extra cash saved).

Trenton, NJ

If you fancy living in the Wilbur area of Mercer County, New Jersey, have $7,000 (plus closing costs), then you have yourself a three bedroom, one bath room built in 1934. The style is your classic DoubleWide (not a trailer, it’s a double, where two units share one physical building) and only one side is for sale. The honest listing says it’s a “gut rehab project” with the owner looking for an investor willing to foot the estimated $35,000 it would take give this baby its groove back.

Las Vegas, NV

Vegas baby, Vegas! If you want to live in the Sin City and have ten grand, you can see your dreams come true. Three bedrooms, one bath and 1,160 square feet to stretch out and call it home. The lot itself is a sizable 0.18 acres. If you aren’t a fan of mowing the lawn, no worries, based on the pictures you will have to mow exactly five square feet of the 7800. It’s a single story unit with central air conditioning, so you can get a cool respite from the hot Nevada sun. Located in Clark, this single family property is a steal at twice the price!

Miami, FL

My first reaction to this home was to laugh, this house looks like they filmed a movie here and had meant to blow the whole thing up… but they didn’t. It’s corporate owned and sold only for its land value, which isn’t surprising if you click through and look at the pictures. I could tell you that it was built in 1935, that it has three bedrooms, two full baths, and beautiful hardwood floors… but the the dang thing is burned out. This listing is absolutely hilarious to read. Oh, and parking features… wait for it… Street.

Detroit, MI

Last but not least, I turned to Detroit, MI to see what $10,000 could get you in a city decimated by the recession. With four listings in jest, I went to Detroit because I had heard stories about people buying homes for a pittance because the economy is so battered there (unemployment is around 20%). What I found was a $9,000 home that is walk-in livable right now. Three bedrooms, one bath, a 818 sq. ft. home that is a story and a half. This is 100% livable right now, from how it’s described, and it’s not any different than a lot of searches of the Detroit region. I’m not saying it’s the perfect home, or even a good to great home, but it’s a fair home for less than ten thousand bucks.

So there you have it, the anti-Bankrate listing of homes you can get for under $10,000 in five different markets. (here’s a post at Suburban Dollar listing what $10k can get in various areas of TN! [7])

What can $10,000 buy in your neighborhood?


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[2] Email: mailto:?subject=http://www.bargaineering.com/articles/how-much-house-can-10000-buy.html

[3] what $400,000 can buy today: http://www.bankrate.com/finance/real-estate/what-will-400-000-buy-today.aspx?pid=p:brg

[4] San Diego, CA: http://www.bankrate.com/finance/real-estate/what-400-000-buys-san-diego.aspx?pid=p:brg

[5] Houston, TX: http://www.bankrate.com/finance/real-estate/what-400-000-buys-houston.aspx?pid=p:brg

[6] Baltimore, home of one of my favorite shows, The Wire: http://www.homesdatabase.com/BA6629882

[7] $10k can get in various areas of TN!: http://www.suburbandollar.com/2009/06/16/what-10000-buys-near-me/

Thank you for reading!