Homes are expensive. So expensive, in fact, that the majority of working-class families can’t afford them. Pre-pandemic, 40 million Americans couldn’t even afford the homes they had, and that included apartments.
Post-pandemic, that number has increased dramatically. And with the Supreme Court recently striking down the eviction moratorium, affordable houses are nothing more than a dream for many.
However, it’s not all doom and gloom. The reality is that there are many affordable properties that you can find with a bit of digging. Today we’re going to explain how to find them.
Create a Detailed Budget
Sure, budgeting might seem like an obvious step when trying to find cheap houses. That said, it’s something that many people don’t take the time to do properly.
When creating your budget, make sure to take all of your monthly expenses into account. That includes everything from your potential mortgage payments to food and savings.
Once you make your budget, you can use it to guide you in your search.
Don’t Constrain Yourself to a Location
You might have a particular area, city, or state in mind, but constraining yourself to a specific location is a surefire way to end up paying more than you’d otherwise have to.
By being flexible and open to moving to other areas, you expand the number of options in front of you. And don’t worry—oftentimes, being flexible doesn’t mean moving to the other side of the country. Your perfect home might be located just off the street you envisioned yourself living on.
If you’re on the hunt for affordable homes in Chicago, discover more here.
Explore Section 8
Section 8 is one of many low-income housing assistance programs. If you meet the right conditions, Section 8 can provide you with vouchers. These can be put towards both mortgage and rent assistance.
In most cases, your household income will have to be substantially lower than that of others in your country. Once you qualify for Section 8, you can then use the vouchers in other locations around the country.
Split the Cost
If you’re living by yourself, don’t be afraid to try and find a roommate. Having someone to help split the cost can make an expensive home very much affordable.
Try talking with family members and friends to see if someone is willing to go in with you. If you can’t find anyone in your circle of connections, social media can also be a great tool to help you land a roommate.
Affordable Houses for All
While homeownership may be out of the reach of many, there are more affordable houses than people realize. By using this guide and the tips mentioned to your advantage, you may be able to find one of your own.
However, systemic change is necessary to ensure that people everywhere can get the affordable properties they deserve.
Are you looking to learn more about real estate and other similar topics? If you are, make sure to check out the rest of our site for more great content.