Among the cheapest zip codes in America (and by “cheapest” we mean areas where home prices are the lowest) the “median price of homes currently on the market is less than $15,000,” according to Business Insider.

However, the distinction of being the absolute cheapest zip code, well below the median price of $15,000, belongs to a neighborhood located in southern Detroit.

How “cheap” is this neighborhood?

Home prices in the 48208 zip code are about $6,388.

And, according to Business Insider, the neighborhood has got other issues:

  • Forty percent of households had an income under $15,000 in 2010
  • The murder risk is more than eight times the national average, and the robbery risk is nearly six times the national average
  • Thirty-one percent of residents over the age of 25 did not complete high school (twice the national average)
  • The size of 48208′s population has decreased nearly 33 percent since 1990 (and its forecasted to dip another 9.9 percent by 2014)

Is it all that bad? Judge for yourself.

48208: Americas Cheapest Zip Code

"...this two-bedroom, located in the heart of 48208, is listed for $1. The city can't give away homes in some abandoned neighborhoods. And this two-bedroom, located in the heart of 48208, is listed for $1. The city can't give away homes in some abandoned neighborhoods."

48208: Americas Cheapest Zip Code

"Decaying homes, like this one on 15th Street, also abound."

48208: Americas Cheapest Zip Code

"Lots of buildings are boarded up or burned out, like this brick structure on Warren Ave., a main drag."

48208: Americas Cheapest Zip Code

"There's still some commerce in the area. Motown Market on W. Grand Boulevard sells almost everything."

48208: Americas Cheapest Zip Code

""Harold's, the local hair and nail salon, has great reviews on Citysearch."

See the rest of the tour of this zip code at Business Insider.