When the economy first tanked back in 2008, the housing market went with it. And, although we’ve seen some modest gains in improvement, there are many areas still hard-hit by the foreclosure crisis and high unemployment.
Some areas homes are so cheap, you could by them for the price of a car—no kidding! And, we’re not talking about luxury vehicles, but cars accessible to many Americans like Toyota’s, Nissan’s, and Chrysler’s.
These are five cities with homes prices still under water as of five months ago, according to 24/7Wallst.com.
1. Detroit, Michigan
While the automotive economy is significantly improving, the medium price listing for a home is just $21,000. The same price you could purchase a Chevy Malibu. Unemployment is still incredibly high (9.9 percent) and the population continues to decrease here.
2. Flint, Michigan
Trailing right behind Detroit, Flint is a slightly more expensive area, but the purchase price on housing will still only run you about $31,950—the price of a Chrysler 300. Flint’s unemployment rate is a disappointing 8.9 percent with 44 percent of households earning under $25,000 a year.
3. Gary, Indiana
Things aren’t so rosy in Gary where you can buy a house for just under $40,000. That’s comparable to a Ford Expedition. High unemployment is nothing new for Gary, and local businesses aren’t helping to turn things around for this dismal city.
4. Whiting, New Jersey
Home to many retirement communities, Whiting’s cheap housing isn’t an issue of unemployment, and its vacant housing rate is below the national average. But, you can still buy a house here for only $52,000, the price of a 2013 Chevrolet Avalanche.
5. Youngstown, Ohio
New construction is at a standstill in this town, where nearly 20 percent of homes remain vacant. You can purchase one for about $57,550, the price of a snazzy new Audi S5 Prestige. You might be the only one in the neighborhood with a fancy car though. The median household income is flat at $25,000 a year.