How's this for Affordable?

129 Minneapolis Homes for < $35k!

The neighborhoods aren't swanky, and there's no guaranty that prices won't fall further. But on the eve of 2009, no fewer than 135 homes within the city of Minneapolis are for sale for less than $30,000. In many cases, that's less than the value of the land underneath the home.

--Homes under $15,000: 12

--Homes $15,000- $25,000: 64

--Homes $25,000 - $35,000: 53

Assuming you put down 3% on a $25k home and borrow the rest -- as FHA allows you to do -- principal and interest on a 30 year mortgage comes to a whopping $138 a month. Compare that with the cost of an average Minneapolis two-bedroom apartment: about $900 a month.

It gets even better. Thanks to recent legislation, qualifying first-time homebuyers receive a tax credit for 10% of the purchase price, or $2,500. The tax credit must be re-paid over the next 15 years.

After you do all the math, it's basically like living for free the first 18 months -- and not much more thereafter.