Those $500 homes are not inhabitable. As someone who was in Detroit less than 24 hours ago, I can tell you I was surprised at how expensive the housing was. Not that it was close to Bay Area prices, but I was expecting to see places I liked for 300-400k. The reality is more like 600k for less than 2,000 square feet.
> The reality is more like 600k for less than 2,000 square feet.
"In June 2022, Detroit home prices were up 32.3% compared to last year, selling for a median price of $99K. On average, homes in Detroit sell after 27 days on the market compared to 23 days last year. There were 463 homes sold in June this year, down from 512 last year."
You absolutely can get houses for 300-400K in Detroit. Where exactly were you looking at? Houses that you're describing are definitely possible in hot areas like Downtown and Downtown adjacent areas like Corktown, Indian Woods, and Midtown.
Agreed that you can find $300k houses (and cheaper). I was just surprised that the nicer areas were still pricy. I mean Indian Village, and the neighborhoods you mentioned, have some nice homes, but those neighborhoods feel like an oasis surrounded by areas that are dealing with very tough economic situations.
Again, I was just surprised at the price for places I liked. If I wanted to take a chance on a neighborhood that might turn around in the next few years I could find some deals (although a lot of those homes need a lot of work).
