Quote Originally Posted by detroithealth View Post
I agree and disagree with your points.

Yes, people [[myself included) can no longer afford to live in the buildings we want to live in. To say we're not being priced out of the market isn't accurate.

My rent increased 15% this year; I was recently offered a renewal rate of $1120 / mo on 582 sq ft at the Kales + over $100/mo to heat it in the winter because the windows are old and drafty. [[2 years ago I was paying $975 on 815 sq ft here). That's in addition to the $440/ mo. I spend on auto & renters insurance to live in Detroit the legal way [[I have a 10 yr old car) + 2.4% of my income is taxed to Detroit.

I have a great job and education. Not being cocky, but didn't see myself as a prime candidate for being priced out like this. Could I buy a house for $10K? Sure. Kinda? a) I don't want to and b) a $15K house comes with it's own issues. I've seen enough friends go through repairing stripped houses in Detroit that I know it's not where I want to be. I'd rather pay that same amount in rent every yr. for fixed costs.

I could get a decent place in downtown Ann Arbor for the same combined costs - but have a safer environment, better public services, etc. Don't get me wrong - I love Detroit and I'm happy where I'm renting. But it's no longer worth the financial hemorrhage to "be the change I wish to see".

Sorry for the rant, but hopefully this puts something in perspective. I'm not bitching about losing an 1800 sq ft loft for $750. It's the total package of downtown living costs.
Unfortunately, this is part of the process. We need downtown real estate to be high rent in order for the banks to feel comfortable lending to refurbish them. And then as soon as the banks feel comfortable, it'll totally open up more supply [[at a slightly lower price) in the vacant buildings more on the outskirts of downtown.

It's already starting to happen...the Capitol Park rentals and the apartment replacing the Archdiocese of Detroit on Michigan Avenue will be at price point that's a little more affordable than Kales/Broderick is getting.

Til then, come out and rent in Lafayette Park or Corktown or the North End. Still great rentals out there right now.

This is short-term pain, but there will be long-term gain. Just imagine from Corktown to Lafayette Park to New Center with all the vacant buildings replaced with fully-rented high rises...