In cities such as New York and San Francisco $500 might cover your monthly rent whereas in Detroit the same amount can buy you a detached three bedroom house.
New research has revealed the drastic differences in costs of buying property in different cities in the country - and shown that Michigan's largest city has the most affordable homes by a considerable margin.
Detroit, famed as a one-time industrial city, has the lowest real estate prices per square foot in the U.S while San Francisco has the highest.
In Detroit one square foot of property will set the buyer back by $62.45 whereas in San Francisco the average cost per square foot is $420.99.
Struggling for decades Michigan's largest city was hit hard by the recession which caused housing prices to plummet by 54.9 per cent.
Americaââ¬â¢s fifth largest city just 50 years ago with 1.85 million people but now Detroit ranks as the eleventh with a population of approximately 700,000 people.
However, incredibly cheap housing prices could attract people to the Motor City as a study by Realtor.com showed that of 146 cities only Chicago has more searches for property than Detroit, according to Wall Street 24/7.
Houses for sale:
Great value: This 749 Square foot home costs only $500 - and boasts three bedrooms to boot.
Bargain: This two bedroom, one bathroom home in Detroit is on the market for $500.
Charming: For only $3,000 this four bedroom, two bathroom Detroit house is yyours.
Investment: This pretty bungalow spread over 692 square foot costs a bargain $2,500.
Boarded up: Detroit has the most affordable homes in the country - this three bedroom house is on sale for $3,000.
For Sale: This three bedroom detached bungalow in the Motor City will set buyers back $3,000.
What a steal: $500 will get you this home in Detroit which boasts two bedrooms, one bathroom, a garage and a basement.
Source: http://www.dailymail.co.uk/news/art...ealed-cheapest-housing-U-S.html#ixzz1t3tWSA4b
These would make get investment property if you had the money to fix them up. I like the bungalow.
If you had the money to invest, would you buy one of these homes? If so, which one?
New research has revealed the drastic differences in costs of buying property in different cities in the country - and shown that Michigan's largest city has the most affordable homes by a considerable margin.
Detroit, famed as a one-time industrial city, has the lowest real estate prices per square foot in the U.S while San Francisco has the highest.
In Detroit one square foot of property will set the buyer back by $62.45 whereas in San Francisco the average cost per square foot is $420.99.
Struggling for decades Michigan's largest city was hit hard by the recession which caused housing prices to plummet by 54.9 per cent.
Americaââ¬â¢s fifth largest city just 50 years ago with 1.85 million people but now Detroit ranks as the eleventh with a population of approximately 700,000 people.
However, incredibly cheap housing prices could attract people to the Motor City as a study by Realtor.com showed that of 146 cities only Chicago has more searches for property than Detroit, according to Wall Street 24/7.
Houses for sale:
Great value: This 749 Square foot home costs only $500 - and boasts three bedrooms to boot.
Bargain: This two bedroom, one bathroom home in Detroit is on the market for $500.
Charming: For only $3,000 this four bedroom, two bathroom Detroit house is yyours.
Investment: This pretty bungalow spread over 692 square foot costs a bargain $2,500.
Boarded up: Detroit has the most affordable homes in the country - this three bedroom house is on sale for $3,000.
For Sale: This three bedroom detached bungalow in the Motor City will set buyers back $3,000.
What a steal: $500 will get you this home in Detroit which boasts two bedrooms, one bathroom, a garage and a basement.
Source: http://www.dailymail.co.uk/news/art...ealed-cheapest-housing-U-S.html#ixzz1t3tWSA4b
These would make get investment property if you had the money to fix them up. I like the bungalow.
If you had the money to invest, would you buy one of these homes? If so, which one?
