The Cheapest Homes in 2012

Where are the cheapest homes in 2012? Well, let's qualify that by looking for nice homes that are inexpensive. It is time for our annual update of all the cities previously covered, along with the addition of a couple new ones. Incidentally, as I write this my wife and I are looking for a condo in Naples, Florida, so we will start here.

Condos that were selling for over $200,000 in 2006 are now on sale for $50,000 to $90,000. One condo we just looked at, listed for $87,500, was purchased by the seller for $155,000 in 2004--three years before the market topped out here in Naples. Losing only 43% from the top (assuming they get their asking price) is not anywhere near the worst experiences owners have had here. Others who bought in 2006 to 2007 have seen the value of their homes drop 75% or more; sad for them, but good news for us.

Where else can you find the cheapest homes? There are several places around Florida for starters. Then there are the other states. Let's take a look. We'll start with six homes that are covered on one of the original pages about Cheap Towns (and you can find more information on these there):

Cherokee Village, AR

Fixer uppers start in the 20s here, and there are 13 homes with two or more bedrooms listed at the moment for less than $50,000. At least a dozen more are under $100,000.

Warren, PA

There are still a handful of classic old two-story houses here for under $50,000. The cheapest at the moment looks like it might need some tlc, but it is priced at just $22,500 and has 1450 square feet.

Alpena, MI

It seems that Alpena just gets cheaper as time goes by. Of the dozens of homes available for less than $50,000, ten are priced under $30,000. Read this description of one at $29,900: "Spacious 4 bedroom home has hardwood floors throughout, newer vinyl siding, furnace and roof, and a family-friendly floor plan. Home also has upstairs studio/apartment with separate entrance. Appliances are included..." The house has 2,300 square feet of living space.

London, KY

Modular and mobile homes start in the 20s, and there are a few stick-built homes under $50,000 as well.

Hot Springs, AR

There is always an interesting mix of properties here. Condos are available, and there is a timeshare listed for $11,000 (not really cheap for what you get IMO), but some of the cheapest homes are the mobiles and modulars on land. Then there is a 3 Bed, 2 Bath 2,338 square foot home for $17,900 (it looks nice in the photo, but who knows). Altogether there are more than 50 homes for under $50,000.

Fort Madison, IA

There are still a few houses listed for under $50,000 here, and a dozen more under $100,000.

Anaconda MT - The town that started it all (the inspiration for this site) is covered in more detail here; Anaconda.

This is the town that started the website, but there are really only fixer-upper under $50,000 now (and only ten of those). Fortunately for those who want a nice house in a mountain town, there are still a couple dozen for less than $100,000.

Canon City, CO - See the page Canon City Real Estate for more information.

Our former hometown (for five years) has only mobiles and fixer-uppers for less than $50,000, but there are still some decent homes for under $100,000--about 40 at the moment.

Here are some of the towns we added for our update last year. You can read more about these here: Cheap Towns to Live In.

Coral Springs, FL

Condos start in the 20s here, although most of these are short sales (that makes buying a bit complicated and time-consuming). There are no houses for less than $50,000.

Myrtle Beach, SC

A search for homes under $50,000 turns up more than 100 listing here, including this one: "Super 2 bedroom 2 bath split bedroom floor plan with new carpet, fresh paint, and great closet space! $24,900. That's a condo, as are most of the cheapest homes here.

Ashland, WI

There aren't many truly cheap homes left here, but how about a 5 bedroom, 2 bath 6,002 square foot former church for $50,000? That's one of six or seven that meet the promise of this site's name.

Continues here... Cheapest Homes 2012