Are There Homes Available for $700?

There are projected to be homes available for $700 US Dollars (USD) in India. An Indian manufacturing company has created a 215-square-foot (20-square-meter), flat-pack house in a prefabricated kit that includes the roof, windows and doors, with interiors made from coconut fiber or jute. The kit is estimated to be able to be assembled within a week and to last for 20 years. The $700 USD home will be marketed mainly to private buyers who already own plots of land on which to assemble the houses, as well as state governments to plan mass housing for India's large population.

More about homes worldwide:

• The average American spends nearly one-half of his or her take-home pay on housing.
• Romania has the world's highest rate of home ownership, with more than 96% of adults owning homes as of 2013.
• Paris has one of the most expensive housing markets, with the average home costing about $2,600 USD per square foot (0.093 square meters). By comparison, a home in Chicago costs about $200 USD per square foot (0.093 square meters).