A Home for a Dollar: Baltimore's Bold Real Estate Move

Amid the struggle of Israelis facing high living costs and paying millions for homes, there's a city in the U.S. selling houses for less than four shekels. Yes, you read that correctly. In the U.S., houses are being sold for just one dollar.

These sales are happening in Baltimore, on the East Coast of the United States. The city has decided to sell off abandoned houses for the token price of one dollar. Bloomberg News reports the state's goal is to revitalize neighborhoods impacted by local crime and vandalism.

According to the plan, Baltimore prioritizes private buyers over developers. If you're a developer, you can purchase a house by paying $3,000. Additionally, anyone who renovates a house can receive a grant of up to $50,000, but only after proving they've taken a loan for renovations. Moreover, homebuyers must install safety railings as part of the requirements. The state will monitor each house, ensuring comprehensive and safe renovations. As of last year, Baltimore had about 15,000 abandoned homes.

The new program was approved by Mayor Brandon Scott and the city council, and it now offers over 200 abandoned properties owned by the city to residents who commit to renovating and living in them, in order to deter investors from acquiring them.

Abandoned homes are a well-known issue in the United States, especially in Maryland, near Washington D.C. Some neighborhoods report extremely high crime rates—possibly the highest in the U.S. This reality prompted the state to reintroduce the "Dollar House" initiative—pay a dollar, renovate the house, and live there. Baltimore ran a similar program in the 1970s when it offered homes for a dollar, and Newark, New Jersey, also implemented a similar initiative.