Check out this Chicago Tribune article:
Chicago Tribune: "Detroit's Outlook Falls w/Home Prices"
Sure, I can make fun of California's revenue plight. But in some ways, their problems pale beside those of Detroit (and Michigan overall).
As the article above notes, Detroit's December median home-selling price was $7,500. Wrap your head around that — or try to. If you're like me, it's tough.
"Median," for you non-technical types, means that half the homes sold for less than $7,500 and half sold for more. That's simply difficult for me to grasp, but reality is what it is. And Detroit's reality is one of vanishing jobs and vanishing population. (If the jobs are leaving, who's gonna stay? Who'll be left to bid up the prices of homes to a level that's not something out of Father Knows Best ... or worse?)
From the story:
On a positive note, Detroit's homicide rate dropped 14 percent last year. That prompted mayoral candidate Stanley Christmas to tell the Detroit News recently, "I don't mean to be sarcastic, but there just isn't anyone left to kill."
Bonus: For all you looky-loos, here's your Realtor.com search for Detroit single-family homes asking $7,500 or less.
But be warned: Buy as many of those homes as you like with cash — hey, it'd certainly follow Dave Ramsey's ideals — but you'd better be proficient in handling small-arms fire. And, as I understand it, weird city housing-code requirements.
Labels: Economics, Homeownership, Mortgages
