In Detroit, a salary of only $46,809.89 is needed to buy a house [[median home price of $186,317)..
https://howmuch.net/sources/salary-n...gest-us-metros
In Detroit, a salary of only $46,809.89 is needed to buy a house [[median home price of $186,317)..
https://howmuch.net/sources/salary-n...gest-us-metros
But the folks working part time at Lowes & Home Depot
only make about $15 an hour so even with that company discount,
doesn't exactly allow them to buy a home, fix it, and flip it.
Ahhhhh retail, the industry that will save Detroit.
Numbers games are stupid. I was making less than $20K when I bought my $45K house on the far west side and was able to make extra payments many months.
The key is to live below your means. I'm sure there are still decent houses for far, far, less than $180K.
And how many years ago did you buy that $45K home on your less than $20K salary?Quote:
Originally Posted by Meddle
Furthermore, those "decent" homes you mention that are well below $180K today aren't in decent neighborhoods.
This speaks to desirability, and supply and demand, more than anything else.Quote:
Originally Posted by 313WX
I don't think anyone wants to end up with the $900K median of SF but those are some depressed home values. These "bargains" indicate undesirable locations, oversupply and lack of demand.
That's one way to look at the dataQuote:
Originally Posted by poobert
What it also shows is how far a person's wage can go in a major city like Detroit.
In most other major metro areas, you can't buy a McMansion in the outer suburbs on UAW wages and still have plenty of disposable income for travel, cars, eating out, ball games, etc.
With a few exceptions, you're going to be relegated to living paycheck-to-paycheck in tight spaces with one or more roommates if you want to have good schools, big city amenities and a safe environment.