"Remember the mortgage payment is only part of the battle; don't forget to account for taxes, insurance, association dues, maintenance and repairs," says Patrick Bet-David, a financial adviser formerly with Morgan Stanley who is now President-CEO of PHP, a financial services company. He also advises: "Don't even consider buying a home until you have at least 12 months of mortgage payments saved at a minimum. That might seem like a high number, but it will prevent stress and aggravation down the road."
Thinking about the payments can scare off many homebuyers who'd be content renting. With a 12 percent year-over-year decline in mortgage applications for the week ending May 16, as tracked by the Mortgage Bankers Association, and home sales just starting to perk up after months in the doldrums, there are clearly a few reasons keeping some families from homeownership. But price doesn't have to be one of them if you can be flexible about where you live.
Here are some decent-looking homes that can be purchased for $100,000 or less in markets across America. They even have upcoming open houses. Take a look.