Most native Athenians own their houses. Houses indeed
can be rented, usually by the foreign traders and visitors who swam into
the city; and at certain busy seasons one can hire "lodgings" for a
brief sojourn. Rents are not unreasonable, 8% or 8 1/3% of the value of
the house being counted a fair annual return. But the average citizen is
also a householder, because forsooth houses are very cheap. The main
cost is probably for the land. The chief material used in building,
sun-dried brick, is very unsubstantial,[9] and needs frequent repairs, but is not
expensive. Demosthenes the Orator speaks of a "little house" (doubtless
of the kind last described) worth only seven minuæ [about $126.00 (1914)
or $2,242.80 (2000)], and this is not the absolute minimum. A very rich
banker has had one worth 100 minuæ [about $1,800.00 (1914) or $32,040.00
(2000)], and probably this is close to the maximum. The rent question is
not therefore one of the pressing problems at Athens.
William Davis, A Day in Old Athens
