In Utah County the cheapest “House” for sale is 600 square feet, 2 bed, 1 bath, at $300k.
So at current interest rate it would be $1,800 a month mortgage(assuming you put the 60k down payment! A decent amount more if you do 3% down.)
The cheapest condo/town in utah valley is 205k, 1,100 square feet, on a 400 square foot lot. But due to a $500 HOA fee the monthly cost is still 1,700 a month (assuming 20% down).
With 3.5% down they’d both be closer to 2.1k +PIMI.
So yeah, how is where you live doing?
It’s actually far worse than that. Trailer park Millionaires is a report from 9 years ago following wealthy investors who were buying up trailer parks so they could Jack up rent. Investors specifically targeted sex offenders, convicted felons, and other desparate tennants, so they could mercilessly exploit them since they truly had no place else to go.
The investors were also trained to exploit families, since more members in the household means more potential workers, and that means they’ll be more likely to tolerate a rent hike.
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