At a time when the cost of renting a house seems to be getting higher and higher in almost every part of the civilized world, the residents of an idyllic housing complex in Germany are still living in unimaginable conditions. The rental price is only 0.88 Euro/year, equivalent to about 1 US dollar.

Residents of Fuggerei, a district on the outskirts of Augsburg, pay just $1 a year in rent, no different from the first tenants who moved here nearly 500 years ago.

Fuggerei was founded in 1514 by a wealthy businessman named Jakob Fugger, as a social housing complex for Augsburg’s poorest people.

The Fugger family moved to the bustling German city in the mid-14th century and established a prosperous cloth trading business . By the 16th century, the Fugger family was one of the richest people in Augsburg, and their activities expanded into real estate and banking.

Jakob Fugger was the wealthiest banker in the city, who was nicknamed “Jakob Fugger the Rich,” but he remained loyal to his family values , and in 1514 he began building the Fuggerei as a way to give back to the community.

Jakob Fugger’s dream is to provide affordable housing to those in need, regardless of social status, age or family situation. The only requirements are that applicants must be Catholic and a registered resident of Augsburg for at least two years.

Successful applicants must also agree to a 10pm curfew and commit to praying for their benefactors – the Fugger clan, three times a day at the local church. The exact same conditions apply even today.

Fuggerei residents only pay 1 Rhenish in monthly rent, and thanks to a trust established by Jakob Fugger nearly 500 years ago, costs have remained unchanged since then.

The Rhenish has now been converted into modern currency, but the house price is still only 0.88 Euro (about 1 US dollar) per year. According to Vintage News, Fuggerei residents were also asked to pay an additional 0.88 Euros for the upkeep of the local church, and around 85 Euros for heating and maintenance. However, the total cost is still too low compared to today’s rental prices.

The Fuggerei community has miraculously withstood the test of time. Despite suffering severe damage during World War 2, it was not only rebuilt but also expanded. Today, the district includes 67 houses and 147 apartments, and is home to 142 residents. This is the oldest social housing community in the world.