Believe it or not, it's still possible to find homes for $150,000.
That price point isn't considerably less than the median home value in the U.S., which is currently about $181,000, according to Zillow. But depending on where you look, a few thousand dollars could mean the difference between a savvy buy and a money pit.
A good rule of thumb is to compare the price of a listing with other properties in the neighborhood. If it costs much more or much less than other homes nearby, that should be a major red flag. It's also smart to compare neighborhood prices with home values in the surrounding metro area. A much lower neighborhood median home value could indicate high crime rates or poorly performing public schools.
If all the indicators line up, and a market is trending in the right direction, it's possible for deal-seeking homebuyers to find a modest, worthwhile spot in which to live or invest. For $150,000 in Portland's Multnomah neighborhood, you can buy an 800-square-foot condo with pool access. In the Gentilly Woods area of New Orleans, that amount will buy a 1,340-square-foot ranch house with a fireplace and jetted bathtub.
Click ahead to see what $150,000 will buy in 10 cities across the country.