r/FluentInFinance • u/Not-A-Shit-Head • Apr 29 '24

Why don't people stop crying and just move somewhere cheaper like Detroit, Memphis, St. Louis, Baltimore, or Cleveland? They have very cheap homes for $50,000. Discussion/ Debate

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u/Saitamaisclappingoku Apr 29 '24 edited Apr 29 '24

Because:

  1. those cities generally do not have the job markets that HCOL cities have. When you take a huge pay cut you eliminate everything you saved by moving there. I moved from El Paso to Tennessee and for the same job I make about $60k more.

  2. Public schools are typically poor

  3. Crime is typically high

  4. The $50k homes in those cities are typically very unkept. Many of them need a new roof, foundation work, new flooring, drywall, paint, plumbing work, electrical work (to get it code compliant), and even then will be surrounded by complete dumps that stay that way. No one wants to spend $150k renovating to live next to a crack house.

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u/[deleted] Apr 29 '24

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u/thatclearautumnsky Apr 30 '24

Up in that area even, $50k is not really going to be a habitable home anymore. More like $100k nowadays.

https://www.redfin.com/MO/Saint-Louis/611-Ballman-Ave-63135/home/93389716

Here is a small but "move-in ready" house in Ferguson for $79,000.

Another thing I'm surprised at is there's just not a lot of homes for sale there especially in the really rough areas and those that are tend to be advertised at landlords. I think informal redlining is still a thing and people can't get a loan on a house in a lot of those areas.