Homeowners know the bad news too well: residential real estate values have plummeted more than 25% nationally during the Great Recession, as much as 40-50% in some metro areas.
The good news? The depressed housing market looks more and more like a giant opportunity for young first-time buyers lucky enough to have stable jobs, investors in rental properties, even empty nesters with enough equity left in their existing homes to downsize.
Here are 10 nice homes for sale in solid urban and suburban neighborhoods with asking prices under $100,000. See if you are as surprised as we were at how far $75,000 goes in some parts of the country. The median home price nationally hovers around $240,000.
|Ted Theophylactos, Howard Hanna |
Asking Price: $89,900
Square Footage: 1,170
Upgrades to this 1927 colonial include a deck, new flooring, and a finished basement. It's located in Lakewood, a community right on Lake Erie about 5 miles west of downtown Cleveland. The median home price in hard-hit Cleveland is just $47,000, far below the national average.
|Danna McCaig/Ebby Halliday Real Estate|
Asking Price: $83,000
Square Footage: 1,093
This modern home built in the mid 20th century is located in the Santa Garza neighborhood five miles east of downtown Dallas. White Rock Lake is close by. It features new wall-to-wall windows, updated floors and a renovated bathroom.
Square Footage: 1,914
Built in 1993, here's the least expensive home on our list. Decatur is a suburb about 6 miles east of Atlanta, where metro housing prices have traditionally been far lower than the national average. It's located on a corner lot in a highly regarded local school district.
|Mary Wise/Keller Williams|
Asking Price: $89,000
Square Footage: 3,800
Here's what the housing market has become in one of America's most downtrodden cities. This tudor-style home has a 3-car garage, two full kitchens, 10-foot ceilings, a jacuzzi tub, and a finished basement. Located in the northwest Detroit neighborhood of Jefferson Chalmers, it could accommodate a large family or be turned into a rental property.
|John Simone/Reece & Nichols Realtors, Inc.|
Asking Price: $90,000
Square Footage: 2,921
Built in 1885, this Victorian-style house in the Pendelton Heights section of town has several fireplaces, a butler's pantry, stained glass windows, and original hardwood floors and molding. It's less than 2 miles from downtown Kansas City.
|Amy Kohlin/Coldwell Banker Wardley|
Asking Price: $89,500
Square Footage: 1,404
|Kristie Patterson/Keller Willams|
Asking Price: $85,000
Square Footage: 1,546
|Penn Hills, Pa., Stacey Kovaly/Win Realty|
Asking Price: $72,999
Square Footage: 1,218
Even though this home was built in 1956, virtually everything on the inside has been overhauled--the kitchen, bathroom, flooring, windows, doors and electrical. Penn Hills lies 6 miles east of Pittsburgh.
|Michael Arcuri/Syracuse Realty Group|
Asking Price: $79,900
Square Footage: 1346
This 1913 Northside bungalow has been updated and well maintained. It features new windows, plus hardwood floors and moldings. It's located less than 5 miles from downtown Syracuse on a tree-lined street in a middle-class neighborhood.
|Barb Kimmel/United Real Estate Solutions|
Asking Price: $95,000
Square Footage: 2664
The asking price recently dropped by $24,000 on this spacious home located on the north side of town. It features crown and baseboard moldings, hardwood floors, several fireplaces, and new windows, all in a family-friendly neighborhood.
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