Some reasons that I can think of why someone would pay $1K in rent for a $50K property are:
1. They're there temporarily, like 6 months to a year..maybe longer..and they don't want to get tied down with a mortgage. These could be people in the military, corporate executives, students, etc.
2. They can't qualify for a mortgage, e.g. they don't have enough for a down payment, they have a bankruptcy, really bad credit, etc.
3. When foreclosures go up, the population of renters goes up and along with it the rent prices so what used to be $700 is now $1k.
I just sent you some RE listings in Fort Worth, including a 6 bdrm 2 bth house for $31.5k and another one for $0.
1. They're there temporarily, like 6 months to a year..maybe longer..and they don't want to get tied down with a mortgage. These could be people in the military, corporate executives, students, etc.
2. They can't qualify for a mortgage, e.g. they don't have enough for a down payment, they have a bankruptcy, really bad credit, etc.
3. When foreclosures go up, the population of renters goes up and along with it the rent prices so what used to be $700 is now $1k.
I just sent you some RE listings in Fort Worth, including a 6 bdrm 2 bth house for $31.5k and another one for $0.