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Houses cheaper than cars in Detroit

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  • #16
    If you're about to retire, and you can't afford the area you live in now because you're too poor, you should move there. Sure, it's the dumps, but you can afford it.

    If you buy a $7,000 house (I found a really nice 3500 sq ft one with 4 bedrooms and two baths), and you borrowed $30,000 to buy it and fix it up at a rediculous 8% rate over 15 years, your mortgage would be about $287 per month.

    Assuming you got $1400 in social security a month, you'd only be spending 20% of your ss on housing.

    Seriously, it's the new cheap retirement village of the future.

    Maybe I should buy one for my mom. I think if stopped paying $7 for lunch and $3 for starbucks I could easily afford that.

    But then...

    ...she's be far away when she retired....

    ...tempting...

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    • #17
      My fiance and I went to Dearborn Heights to visit his cousin. I'll admit, I've heard the bad rep that Detroit had, but it was nothing compared to what I saw.

      There was a gas station in Dearborn Heights near their house that was closed down. As in, no gas in the pumps, the signs were removed; the place was pretty well shut down for quite some time.

      The amount of poverty you see is unbelievable.

      baking23, if you think Windsor is great, you should see Oakville, Ontario!

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      • #18
        Originally posted by Ariadne View Post
        baking23, if you think Windsor is great, you should see Oakville, Ontario!
        Some of our friends have a cabin in Leamington which I like and it's very nice there. I also love Stratford, Toronto and Amhurstburg, now only if I was able to get a job in Canada. I'm going to look on a map to see where Oakville is.

        MAT: Well I'm sure I've passed through Oakville on my way to Toronto, if I wasn't going by boat. Next time I'm headed that way I'll have to make sure I stop there.

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        • #19
          Originally posted by b4freedom View Post
          If you're about to retire, and you can't afford the area you live in now because you're too poor, you should move there. Sure, it's the dumps, but you can afford it.

          If you buy a $7,000 house (I found a really nice 3500 sq ft one with 4 bedrooms and two baths), and you borrowed $30,000 to buy it and fix it up at a rediculous 8% rate over 15 years, your mortgage would be about $287 per month.
          Isn't that generally the point at which speculators and developers start moving in? I work in a town that has been named poorest city in America. It has also been named most dangerous city in America ("winning" the title from Detroit). A few years ago, there were dozens of vacant homes in the neighborhood near my office. They were selling for about 30K. Investors started grabbing them up. Then the state brought in a redevelopment company and they took over most of the vacant properties, including a couple of totally vacant apartment buildings. Now, less than 5 years later, the apartment buildings have been totally gutted and rebuilt and are fully occupied and the single family homes have been restored and are selling for 60K-70K.

          Nothing fundamental changed in the local economy. I wonder if the same thing will be happening in Detroit.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

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          • #20
            This is I guess what happens in economic theory when
            a city is tied to one industry (car making). All the other
            'feeder' businesses suffer when that one starts failing.

            I read an article about how some of the upper
            management teams of these car manufacturers
            would have foreign cars that they would drive -
            they were not buying their own cars.

            It will be interesting to follow this situation, here in
            Dallas there is a big city paid for redevelopment going
            on, but that is more in one area.

            Economic specializing (for people or cities or countries)
            does not work all the time. Diversity helps in the ingo
            and outgo (investments).

            Moving seniors there looks interesting, but how would
            the bus lines be, crime risks, and super cold climate.

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