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Anorak | The Average House In Green City Detroit Costs $7,500

The Average House In Green City Detroit Costs $7,500

by | 1st, March 2009

THE Chicago Tribune reports that the average price for a home sold in the month of December 2008 in Detroit was $7,500.

Yeah, why buy one in the world’s first green city?

The report:

“It may be tough to get financing for a new car these days, but in Detroit you can buy a house with a credit card.

The median price of a home sold in Detroit in December was $7,500, according to Realcomp, a listing service.

Not $75,000. Remove a zero—it’s seven thousand five hundred dollars, substantially less than the lowest-price car on the new-car market.

Among the many dispiriting numbers that bleakly depict the decrepitude of this onetime industrial behemoth, the steep slide of housing values helps define the daunting challenge to anyone who wants to lead this shrinking, poverty-pocked city of about 800,000 people . . .

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” . . .

John Mogk, a professor at Wayne State University Law School:  “A thousand people are leaving the city every month and the city does not have the financial resources and the economic base to solve its own problems.”

When does a city stop becoming a city?



Posted: 1st, March 2009 | In: Money Comments (6) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink