What can you buy for $40,000?

  • (MoneyWatch) What kind of home does $40,000 get you in today's real estate market? You might be surprised.

    Most of the houses listed across the country for about $40,000 need some cosmetic changes, but not the kind of overhaul you might expect for such a cheap property. Homes in Grand Rapids, Mich., or Buffalo, N.Y., need a facelift, but not much else. Unlike many of the houses you could purchase for $25,000, some of these homes are move-in ready. With what you would spend on the down payment, you can own one of these homes outright.

    "What Can You Buy" is a series that looks at what type of house and amenities you can get at particular price points in various locations across the U.S. Be sure to check out each of the posts in the series: What can you buy for $125,000?; What can you buy for $35,000?; What else can you buy for $35,000?; and What can you buy for $3,000?

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    Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.