Can you buy a house for less than $60,000 in the Hudson Valley? Yes, but would you be able to or want to live in it? If the dream of owning a home is "The American Dream" is it really affordable? Are there inexpensive homes in the area that you can purchase and live in?

Heading to Realtor.com, I was checking out popular Hudson Valley zip codes to see what is available under $60,000 for homes (also included in the search was condo's and mobile or manufactured homes) for purchase in the area. I picked this amount because I was looking at prices that could potentially be 'affordable' for a working person, who could make payments on a single income.

If a house cost you $60,000 and you were able to get 100% financing (and then you paid closing costs outside the loan, which would be a out of pocket about 3500-4500 dollars) the loan payment for just the mortgage and interest would be about $310 a month. Then your taxes, say they are 6500 a year, then your monthly amount would break down to $542. Homeowners insurance would probably be in the $1000 a year range (this number could be higher or lower depending on your , credit rating and actual coverage). So you would need to be able to spend about  (rounding up) about $950 per month and this is before you heat it, have electric turned on or hook up the wi-fi.

So, back to the original question, "Are there homes in the Hudson Valley, that someone could not only afford, but actually want to live in, under $60000?" Here are the links, Poughkeepsie, Middletown, Newburgh, Port Jervis and Kingston. After looking at the links, the response would appear to be, 'Only if you are wanting to purchase a fixer upper."

Do you want to own a home? Do you think it is worth it?

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