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Cheap Homes for Sale Near Me Home buying is one of the best ways to build wealth. The goal is to find a good value property, do a little work, and then flip it for profit. There are plenty of opportunities to buy cheap houses in the NYC metro area, but it requires patience. to do your research and stick with neighborhoods that have a high rate of home ownership. The best places to look for inexpensive homes within an hour's drive of NYC are upstate New York, Long Island, and parts of New Jersey. Beware that NJ's property tax is around double that of NYC,