The availability of affordable housing options is dwindling, but an Instagram account has discovered a residence that is well within the means of millions of people.
The listing on Zillow was only $1, considered as the world’s cheapest home, but there is a catch, according to the account. According to Zillow, a two-bedroom, 724-square-foot house in Pontiac, Michigan, is up for sale. Christopher Hubel, the property’s listing agent, predicted a higher sale price for the house.
The world’s cheapest home received excessive attention due to the $1 asking price. The agent told USA Today, “I like mixing it up and using crazy marketing techniques to get maximum exposure.
However, the price is only a ruse. Hubel anticipates the “world’s cheapest home” selling for between $45,000 and $50,000.Even so, the extremely low cost designates the residence as “the world’s cheapest home.”
A popular Instagram page called Zillow Gone Wild and other social media accounts received attention as a result of the marketing scheme.
SOCIAL MEDIA RESPONSE
Nearly 30,000 people have liked the Instagram post by Zillow Gone Wild. The caption stated, “So there’s a house in Pontiac, MI that’s currently listed for $1.” Tricking everyone as the “world’s cheapest home” but was just a marketing scheme to attract lots of attention.
The Federal Reserve Bank estimates that $495,100 is the average cost of a home in the US. After reaching a peak of over $552,000 in the fourth quarter of 2022, home prices have gradually decreased. However, the mortgage juggernaut Freddie Mac reported this week that the average home interest rate on a 30-year mortgage hit a historic high of 7.09%.
Since April 2002, that rate has increased, making housing prices even more out of reach for middle-class and low-income Americans. The economic zeitgeist was captured by commenters. One commenter wrote, “Thinking about getting a Grande for a day instead of a Venti to afford this.”
A different person added, “But even with the $0.20 down payment, current interest rates make this a bad play. It’s basically throwing money away.”
Numerous investors, homebuyers, and social media accounts searching for viral content, according to Hubel, have sent private messages about the property.