The People of This German Village Pay Just 88 Cents in Rent

And their rent hasn't gone up in 500 years — talk about a nice landlord!

Fugger.de

It's been seven years since was in the news. That was when the paid a visit to the historic German village. But the strange town is still just as intrigueing today.

Here, the 142 residents live in a gated community within the city of Augsburg. Praying three times a day is a requirement and the gates are locked promptly at 10 pm. If that sounds a little strict, consider the price of it all: Residents pay just 88 euro cents per year (or about a single U.S. dollar) to live in one of the in the little village.

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That's right, one dollar. For an entire year of rent.

When the Fuggerei was established in 1520 by wealthy banker Jakob Fugger the Rich (some name), he intended for it to become a housing complex open to the needy and poor living nearby. That tradition continues today — though you must also demonstrate faith in the Catholic Church, and prove in Augsburg for at least two years.

Jakob the Rich set up a charitable trust in order to bankroll the Fuggerei, a trust that still finances the village. Although, the Wall Street Journal notes it only sees returns of about 0.5% to 2% each year. Tourists (who can purchase a €4 ticket for a tour, as long as they demonstrate respect for the town) also bring in some money for the village.

And although visitors are not allowed to enter any of the 50- to 700-square-foot residences currently occupied, the Fuggerei maintains a model unit so visitors can get a feel for the homes that have provided solace for 495 years.

Take a closer look:

Fugger.de

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