swappin' out the pole for "28 Grand" micro apts

[1953]

At that price, I may pick one up just to nap in at lunch.

1953

[warsaw7]

Those micro apts will just like from the movie The 5th Element where Corbin Dallas [[Bruce Willis) live in a micro apts. in 23rd Century New York City.

Autowash!!! Yes great reference, I was thinking the same thing.

[hybridy]

Hey that's good and all. You were smart, used money wisely, and made a buck while supporting yourself. But not everyone is in that boat, and it's not because they are lazy or are the "lower rung". My cousin is walking out of optometry school with $160K in debt. I can only imagine what that loan payment will be, probably well over $1,000 a month. That kinda crap will put a dent in anyone's future plans.

here's a scary list of my monthly's
mortgage - 1677
student loans - 1200
car payments - 480
daycare - 840
utilities - 300-500
+ insurance, groceries, & fuel

[Honky Tonk]

here's a scary list of my monthly's
mortgage - 1677
student loans - 1200
car payments - 480
daycare - 840
utilities - 300-500
+ insurance, groceries, & fuel

Insurance, groceries, and fuel, Oh My....

[Hermod]

Back in my twenties, my wife and I with two small kids lived in a 50' by 10' mobile home in a trailer park. Yes, I am trailer park trash. Now you are feeling sorry for single hipsters in a 300 sq ft apartment.

[hybridy]

Back in my twenties, my wife and I with two small kids lived in a 50' by 10' mobile home in a trailer park. Yes, I am trailer park trash. Now you are feeling sorry for single hipsters in a 300 sq ft apartment.

the nightlife was prolly better in the trailer park

[detroitsgwenivere]

here's a scary list of my monthly's
mortgage - 1677
student loans - 1200
car payments - 480
daycare - 840
utilities - 300-500
+ insurance, groceries, & fuel

wow compared to what you must make to pay those high ass bills I guess me and mine must be lowrung individuals... and here I thought having good credit without significant debt meant I was doing something.

[detroitsgwenivere]

^^but I will agree with you hybridy, that working hard and making good choices early on increases your chances of success, no argument there. I just couldn't do that while habituating in a closet, that's all I'm sayin. If it works for these young folks who work downtown and can still save money, that's cool for them.

[mikeg19]

here's a scary list of my monthly's
mortgage - 1677
student loans - 1200
car payments - 480
daycare - 840
utilities - 300-500
+ insurance, groceries, & fuel

Damn those are some serious bills lol

[DeLemur]

In the vast, empty city of Detroit....get your micro 300sq ft apartment. Ouch. Shaking my head.

But the real estate market is so out of control in the city right now, who knows. Maybe in 17' it will make sense. I don't think so. Supply is going to catch up to the demand.

[DetroiterOnTheWestCoast]

In the vast, empty city of Detroit....get your micro 300sq ft apartment. Ouch. Shaking my head.

But the real estate market is so out of control in the city right now, who knows. Maybe in 17' it will make sense. I don't think so. Supply is going to catch up to the demand.

I don't think it matters if the city is vast or largely empty. Not everyone needs or wants a big space.

[dtowncitylover]

Sign me up is all I have to say. I'm sure one day I'll have a house, but for right now, an apartment in the city is all I crave.

[Scottathew]

I've got a friend who says he is on a waiting list for Cadillac tower. He's single and in his 30's, and he says he would be interested in the micro-apartments.

I think it will be a good thing for Downtown Detroit. It will promote density. With smaller living spaces, people will be more likely to spend time outside of their apartments in the immediate area.

Instead of paying higher rent to live further away, they save money, and then can spend that savings locally.

It sounds like there will be a good mix in Downtown, and investors are building the things people want, because they like to make money by supplying things that are in demand.

[Bham1982]

But the real estate market is so out of control in the city right now, who knows.

It's so out of control that not one major new construction building has been built absent subsidies in basically half a century.

Detroit has been averaging 100-200 units of new housing annually per U.S. Census. I don't know how many units are lost annually but I assume there's a net annual decline well into the thousands.

Detroit will have a healthy housing market when stuff gets built because it makes financial sense, not because a developer is angling to obtain local, state or federal monies.

[Scottathew]

Sign me up is all I have to say. I'm sure one day I'll have a house, but for right now, an apartment in the city is all I crave.

What are you, some kind of city lover?

[dtowncitylover]

What are you, some kind of city lover?

Yak Yak Yak

[DeLemur]

I don't think it matters if the city is vast or largely empty. Not everyone needs or wants a big space.

Yes some people prefer a 300sq ft place over a 600sqft place irregardless of the price, but the majority do because of the price. I don't see the price need being an issue here. Let them build them, I myself have a modest sized place and the environmental gain is nice. They just seem better fit, economically and spatially in the places they were born like Seattle and New York.

[DeLemur]

It's so out of control that not one major new construction building has been built absent subsidies in basically half a century.

Detroit has been averaging 100-200 units of new housing annually per U.S. Census. I don't know how many units are lost annually but I assume there's a net annual decline well into the thousands.

Detroit will have a healthy housing market when stuff gets built because it makes financial sense, not because a developer is angling to obtain local, state or federal monies.

I agree with you. Why did you cut the rest of my quote that said in 2017 it might be viable?

[gazhekwe]

I can see older empty nesters in a micropad. We get sick of maintaining the acreage and house space we no longer use. Access by shuttle or shank's mare to dining, entertainment and social and cultural activities is a plus. I really just need a nice spot to park my spaceship so I can get out and visit the rest of the world often.

[masterblaster]

It's true... I'm not the spring chicken I once was . But one thing I do know that that this idea of young people not wanting the responsibility of owning their own home because they're young is not true. It seems that the young who do want to own do not have the upfront capital to put down, they just don't make or save enough money, and cost of basic living hasn't been kind.

Two of my friends closed on their homes in the last year, a 21 year old bought his home in Dearborn Heights and the 24 year old bought in Hazel Park. Both are young men who have good paying jobs, no children out of wedlock, and had handholding through the lending process. That seems to be the winning combo. I wanted my own home when I was their age too, but life happened and the money just wasn't there. And thank God, because that was during the build up to the housing bubble.

Homes dont have to have 3500sqft and a massive yard. But 1500/2000sqft and a little yard is normal in most urban areas that aren't New York. Living in large spaces is part of our culture in Detroit, ask anyone who's lived here for more than 5 minutes. Good luck to the microminnies though, to each their own.

It is telling that your 2 friends didn't purchase a home in a nice neighborhood in Detroit like Rosedale Park or move downtown or to midtown. From my experiences in work and social networking, the suburbs are still king to the millenials in the Detroit area.

[detroitsgwenivere]

It is telling that your 2 friends didn't purchase a home in a nice neighborhood in Detroit like Rosedale Park or move downtown or to midtown. From my experiences in work and social networking, the suburbs are still king to the millenials in the Detroit area.

And when I pitched Detroit to both of them, who don't know each other btw, neither one considered it an option. Too competitive in the desirable areas, expenses too high even factoring in the cut to their commutes. Auto insurance alone... And true that most of their friends living in the burbs was a factor.

[mikeg19]

And when I pitched Detroit to both of them, who don't know each other btw, neither one considered it an option. Too competitive in the desirable areas, expenses too high even factoring in the cut to their commutes. Auto insurance alone... And true that most of their friends living in the burbs was a factor.

I'd say that's the mentality of most millennials. I grew up in Shelby Twp, all my friends and family are roughly in that area, and when you're talking costs, it just doesn't make sense for a lot of us to move downtown. I fantasized about moving to downtown for about a decade when I was in my late teens. Then I started doing the math, and saw how insane it would be to live down there. The car insurance alone was about a 400% increase, plus I could get a large condo near family and friends for half the price.

Which begs the question: who the hell can actually afford to live in a place like downtown Chicago or Manhattan?

[mikeg19]

wow compared to what you must make to pay those high ass bills I guess me and mine must be lowrung individuals... and here I thought having good credit without significant debt meant I was doing something.

Ha, right? Must be a doctor. Those sound like the putting 0 down on car payment and 3% down on a house kinda bills.

[Honky Tonk]

Which begs the question: who the hell can actually afford to live in a place like downtown Chicago or Manhattan?

There's one born every minute........

[hybridy]

Ha, right? Must be a doctor. Those sound like the putting 0 down on car payment and 3% down on a house kinda bills.

not a dr..they have atrocious credit. the mrs and i put down 10% on our mortgage...we're not that dumb. and we have 2 cars in that monthly...if you must know