Median Home Price In Detroit: $7,500


Everyone knows that Detroit is screwed six ways from Saturday, but that doesn’t mean you can’t still be shocked. For example, abandoned buildings with plants growing in them are shocking no matter what. And learning that the median home price is $7,500, according to this Chicago Tribune article, is still pretty eye-popping. To put that in perspective, it’s the same amount that AIG lost every second of the day in Q4.

We’re curious, can you even get a mortgage for a house like that? Could Clusterstock go there, put $1,500 down, and stretch the remaining $6,000 over the course of a 30-year loan? Cause if so, that’s a pretty good time horizon for the city’s eventual turnaround as a green tech mecca.

Other amusing tid-bits in the article include the various candidates for mayor and their ideas to fix the city. They include: “Bulldoze large parts of the city and turn them into windfarms”, “grow your own food”, and the best one: “procreate like there’s no tomorrow.”

*Disclosure: The author was born in Detroit and hopes to see the city turn around.

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