Photo: Flickr – eggrole
There’s no reason to be happy about the housing market nowadays — unless you’re a college student in California, or a pot farmer.These two demographics are taking advantage of high foreclosure rates, with varying levels of success.
University of California students are renting foreclosed homes in the city of Merced, which has the third-highest foreclosure rate in the country, for around $250-$300 a month per student, according to the NY Times (via Curbed).
Living alongside neighbours who are paying $3,000 a month on their mortgages, Merced students are living a lifestyle most college kids could only dream about, complete with granite counter tops and marble baths.
Meanwhile, Nevada’s pot growers are turning foreclosed homes into greenhouses, according to the LA Times (also via Curbed). Entire houses have been turned into grow rooms, which can help farmers turn a massive profit (the DEA puts a pound of hydroponically grown marijuana at about $3,000).
This year alone, authorities have busted 130 indoor sites in Nevada, up from 18 in 2005. That’s still a way to go to catch California’s numbers, but in both cases a trend has certainly developed.
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