A friend of mine told me he was going to move to Detroit, because you can buy a house for $20K there. At first I didn’t believe him. But today I went to search houses for sale in Detroit and was shocked to see nice houses ranging from $15K to $60K and real palaces for $140K. Why are they so cheap? Is there a reason behind this price drop? Is Detroit a polluted or a dangerous place?
Oversupply.
Crime.
Lack of jobs.
Lack of services coupled with high taxes. I wouldn’t send a child of mine to Detroit City Schools.
The houses that sell for $20,000 sell for that little because they aren’t worth it. They are generally run down and dangerous. The land they sit on is often worth more, but you have to knock the structure down to get the land value out.
More people are trying to leave Detroit and Michigan than want to go there. This is because of the jobs situation (tied to the auto industry).
good luck!
Don’t do it. Detroit is a the armpit of America. Check out Forbes.com recent artilce on America’s fastest dying cities. Detroit city has nothing to offer and the entire economy is based on the auto industry which is the crapper right now and will continue to be for quite some time.
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I lived there.
Oversupply.
Crime.
Lack of jobs.
Lack of services coupled with high taxes. I wouldn’t send a child of mine to Detroit City Schools.
The houses that sell for $20,000 sell for that little because they aren’t worth it. They are generally run down and dangerous. The land they sit on is often worth more, but you have to knock the structure down to get the land value out.
More people are trying to leave Detroit and Michigan than want to go there. This is because of the jobs situation (tied to the auto industry).
good luck!
References :
Detroit is going thru a bad time. Weather is not too wonderful either. /
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