Curious - what’s the “lowest” rent for a house in the US

[BigJay]

I can’t even rent out a God damn studio apartment for that price in South Florida.

 

[flyingillini]

Shitty areas in middle America $400-500

 

[djefferis]

How do people do it - that simple - move in knowing it cost more to evict them than landlord will ever recover - stay 6-8 months rent free - wait for service then offer to leave after 90 days - landlord knows a voluntary leave is better than spending more $$ and risking more damage to property. There is now a generation of professional scammers living rent free out there in big cities - taking advantage of the legal system and voluntary move means no record of eviction.

Thinking about it - we have bought 4 places in a decade or so now - started at a low end 2br condo (basically an apartment) right at the peak of housing crisis - paid 42k - sold that for 85k 5 years later and bought a 3br house on edge of a sketchy area for 151k - place was in foreclosure and had a few issues - sold 6 years later for 300k - bough the place in NC for 265k and sold 3 years later for 340k .

Yea - housing inflation is real - eventually it will slow. The issue down where this property is comes down to a basic lack of supply. Economically depressed area - mills and mines kind of area. Between 1977-2000 - there were very very few houses built and even less of those for sale now. So housing selection is basically older century old homes in little towns (packed tight and few updates) and places in the country tend to be old farmhouses (again - old, generally built by old timers in the depression themselves - small rooms and harder to update).

So now the limited housing stock - combined with the oil and gas boom just was a complete shock to the system. Pre 2000 - a 35k house wasn’t uncommon in town and $500 rent the norm. First wave of O&G saw a lot of people coming out of Ok/TX/AR making $18-25 an hour as rig hands - rents went from $500 to 1k or more overnight. Locals were booting long term tenants to cash in.

That lasted about 5-6 years before it calmed down - it’s came back to a degree now - but those hands are now making more basically the same a decade later - so rents have leveled a bit. Still - it’s a real housing crunch down there - lack of supply and people wanting to stay. A lot of people overpaying - to me I just don’t get it. I mean you make 65k a year - but pay $1500 a month on a 225k mortgage - fine. But when you’re making 40k - that’s a pretty tight fit for any other debt.

Thought about going in and buying houses/playing landlord - but people have convinced me it’s a fools errand. Don’t feel like dealing with the hassles of chasing down checks - paying for repairs and listening to complaints constantly. As much as it does hurt to see people that I consider friends dealing with the housing issue - not my responsibility to fix.

If I wind up selling the house but not the property - plan is build me a barndo (part barn/equipment shed/garage - part living quarters) on the property. That way I’ve got a place to go - have my office and keep equipment at as well as make available to friends who come down to go hunting/fishing and serve as a get away man cave). Like I said - hate to walk away completely - but if I do - it’s gonna be for a place I can just retire at. The idea of building a shop/office where I can buy and keep a classic truck - escape to during the week and continue to work out of does sound tempting. With my job - I can work just about anywhere in the US so long as I have Internet - thank god for Starlink.

 

[djefferis]

Shitty areas in middle America $400-500

Even the hood has gotten more expensive than that - at least in Central Ohio and NC. That used to be possible - but talking with a lot of landlords - $850-1k is the new norm.

We are talking foreclosed homes bought to rent in the hood for $35-50k. Figure $300 a month in tax/insurance these days - hard to make money renting for $500.

When I did property - had quite a few large clients who owned 20-60 houses and noticed more and more leaving. Hard to stay when insurance companies don’t want to insure you and you can sell that house you paid $35k for in 2010 for $180k in 2024. Never make that amount in rents consistently.

Parts of Columbus, Ohio were nuts - the median home price in places like near downtown on East side that is basically filled with big old Victorians - a few elderly lifers and what was ghetto blight went from 35-50k in 2008-2010 to over 285k recently. Gentrification at its finest. Meanwhile houses out in the former cornfields of the far west Suburbs went from 140-160k in 2010 to around 220-250k today - again a nice increase - but nowhere near those closer to the city. Even Hilltop (west side area - working class in 60’-80s and saw a flight out in the 90s as suburbs grew saw a pretty nice jump.)

Days of a home anywhere in the USA under 85k are over. The other thing that’s shocking to me is the number of CASH deals. Again - buying a 50-75k house for cash - sure - most banks don’t want to touch flip houses or rough areas. But 350-500k and paying cash - that to me is insane.

 

[flyingillini]

Even the hood has gotten more expensive than that - at least in Central Ohio and NC. That used to be possible - but talking with a lot of landlords - $850-1k is the new norm.

We are talking foreclosed homes bought to rent in the hood for $35-50k. Figure $300 a month in tax/insurance these days - hard to make money renting for $500.

When I did property - had quite a few large clients who owned 20-60 houses and noticed more and more leaving. Hard to stay when insurance companies don’t want to insure you and you can sell that house you paid $35k for in 2010 for $180k in 2024. Never make that amount in rents consistently.

Parts of Columbus, Ohio were nuts - the median home price in places like near downtown on East side that is basically filled with big old Victorians - a few elderly lifers and what was ghetto blight went from 35-50k in 2008-2010 to over 285k recently. Gentrification at its finest. Meanwhile houses out in the former cornfields of the far west Suburbs went from 140-160k in 2010 to around 220-250k today - again a nice increase - but nowhere near those closer to the city. Even Hilltop (west side area - working class in 60’-80s and saw a flight out in the 90s as suburbs grew saw a pretty nice jump.)

Days of a home anywhere in the USA under 85k are over. The other thing that’s shocking to me is the number of CASH deals. Again - buying a 50-75k house for cash - sure - most banks don’t want to touch flip houses or rough areas. But 350-500k and paying cash - that to me is insane.

Springfield Illinois I think has some 80k houses

 

[flyingillini]

Even the hood has gotten more expensive than that - at least in Central Ohio and NC. That used to be possible - but talking with a lot of landlords - $850-1k is the new norm.

We are talking foreclosed homes bought to rent in the hood for $35-50k. Figure $300 a month in tax/insurance these days - hard to make money renting for $500.

When I did property - had quite a few large clients who owned 20-60 houses and noticed more and more leaving. Hard to stay when insurance companies don’t want to insure you and you can sell that house you paid $35k for in 2010 for $180k in 2024. Never make that amount in rents consistently.

Parts of Columbus, Ohio were nuts - the median home price in places like near downtown on East side that is basically filled with big old Victorians - a few elderly lifers and what was ghetto blight went from 35-50k in 2008-2010 to over 285k recently. Gentrification at its finest. Meanwhile houses out in the former cornfields of the far west Suburbs went from 140-160k in 2010 to around 220-250k today - again a nice increase - but nowhere near those closer to the city. Even Hilltop (west side area - working class in 60’-80s and saw a flight out in the 90s as suburbs grew saw a pretty nice jump.)

Days of a home anywhere in the USA under 85k are over. The other thing that’s shocking to me is the number of CASH deals. Again - buying a 50-75k house for cash - sure - most banks don’t want to touch flip houses or rough areas. But 350-500k and paying cash - that to me is insane.

You should think about investing in SEA, it is like printing money to be honest. Phnom Penh is booming and Viet Nam too. Apartments are very cheap, The government had to put a 30% restriction on foreign ownership on all the new projects. South Korea, Singapore, Taiwan, Hong Kong, Malaysia have huge buying tour groups come and they buy tons of apartments. The owner of my apartment owns 17 apartments here...Lots of $ is being made here... I am buying in Phnom Penh next soon.

 

[DiggityDaggityDo]

Tanko lives rent free in my backyard shed.

That’s probably the lowest rent in the US.

 

[Tanko]

Tanko lives rent free in my backyard shed.

That’s probably the lowest rent in the US.

There are a lot of benefits to living in a shed.
- No utility bills
- Pets galore (Ricky the rat and his mices friends Larry/Moe/Curly, Bob the opossum,....)
- Free showers when it rains

 

[DiggityDaggityDo]

There are a lot of benefits to living in a shed.
- No utility bills
- Pets galore (Ricky the rat and his mices friends Larry/Moe/Curly, Bob the opossum,....)
- Free showers when it rains

Tanko lives the good life.

 

[flyingillini]

Tanko lives rent free in my backyard shed.

That’s probably the lowest rent in the US.

I would love to rent from one of your airbnb properties, I would rent it and not leave, I would claim ownership and then rent it out myself. I would be your worst nightmare imaginable.

 

[flyingillini]

Tanko lives the good life.

View attachment 28075

I see a dried release puddle in the dirt.

 

[DiggityDaggityDo]

I would love to rent from one of your airbnb properties, I would rent it and not leave, I would claim ownership and then rent it out myself. I would be your worst nightmare imaginable.

You son of a bitch

 

[DiggityDaggityDo]

I see a dried release puddle in the dirt.

That’s Tanko’s release. Kid acts like he grew up on a fukkin farm or some shit.

 

[flyingillini]

You son of a bitch

I have a friend now that has a bunch of houses, he is worth a ton of $, he has a renter that hasn't paid rent in 6 months and has it for rent on airbnb collecting $ as well, I told him to hire some gangsters to rent it on airbnb and then not get out then take it back that way... he is too busy and not too worried about it but just says it is a pain in the ass, unreal.

 

[flyingillini]

That’s Tanko’s release. Kid acts like he grew up on a fukkin farm or some shit.

I would love a sample, let me know if you can arrange it for me. I receive DHL in Viet Nam.

 

[Tanko]

I would love to rent from one of your airbnb properties, I would rent it and not leave, I would claim ownership and then rent it out myself. I would be your worst nightmare imaginable.

Thats from Ricky the Rat. He is a disgusting SOB..... But I love him.

 

[DiggityDaggityDo]

I have a friend now that has a bunch of houses, he is worth a ton of $, he has a renter that hasn't paid rent in 6 months and has it for rent on airbnb collecting $ as well, I told him to hire some gangsters to rent it on airbnb and then not get out then take it back that way... he is too busy and not too worried about it but just says it is a pain in the ass, unreal.

I like that idea Illini.

Hook him up with some of your Santa Bruta homies.

 

[flyingillini]

I like that idea Illini.

Hook him up with some of your Santa Bruta homies.

I told him I could make it happen, he isn't too worried about it, I would not stand for it but then again I don't have tens of millions like him, he doesn't care too much.

 

[Tanko]

I like that idea Illini.

Hook him up with some of your Santa Bruta homies.

Don't get any ideas Diggity.
Two reasons not to consider this option:

1. I'm packing....

2. I've got some videos.

 

[DiggityDaggityDo]

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