Over 13,000 homes in Baltimore are vacant. With homelessness and poverty increasingly becoming issues across the United States, some states are working to solve this problem. Baltimore has a poverty rate of around 20 percent, so to help with this issue, city officials are selling vacant homes in the city for $1. Yep, you heard that right: nearly 1,000 out of the 13,000 vacant homes are owned by the city, and they’re allowing residents to become homeowners by selling the properties for $1 each.

$1 is an incredibly low price for a house. It’s even lower than a frozen meal from the grocery store or a fast food meal. You might be wondering what the catch is for these houses, but while there certainly is one, it’s more positive than you may think.

The city’s Board of Estimates voted in March 2024 to authorize the fixed-priced program. This program allows for the city to to sell city-owned vacant homes on the website, Buy Into BMore, where they can select the specific program and browse through listings.

What Are The Requirements?

Since the houses are $1, can you just purchase one and have it? Well, not exactly. This program requires you to fill out an application, which costs about $100. If your application is approved, it will be part of your credit in your settlement statement and if denied, you will receive your money back.

Those purchasing a home must fulfill a promise of renovating the property. So, what exactly does this mean? This means that applicants are required to have a budget of $90,000. Future homeowners also have to move into the property within one year and stay for five years. For businesses and nonprofits, they can purchase homes for $1,000 to $3,000 depending on factors like the number of employees and how large the company is.

There are concerns with residents purchasing properties. The issue of residents being pushed out of the area has been a concern, but the city cannot guarantee residents being pushed out or displaced due to the increasing cost of living the area could see.

How To Buy A $1 House in Baltimore

Once a resident fills out and submits their application, rejection or acceptance notices are made within two weeks. Applications submitted as of March will be reviewed starting in July 2024. To learn more about the vetting process, who qualifies and pricing, the Baltimore City Department of Housing & Community Development has more information on their website.