A week after the Census announced Detroit’s population had shrunk by 25% (!!) in 10 years, to the lowest level since 1910, the latest S&P/Case-Shiller Home Prices Indices show housing prices in the D have fallen to the levels of 1994. Ouch … unless you’re looking to buy, in which case you’re all set … unless you need to find a job in the area, then back to ouch.
For someone who spends most of their time overseas however, and just wants a place somewhere in the States to call home, Detroit may make it worth your while. A previous posting looked at deals in the beautiful historic Boston-Edison district, while a recent Detroit Free Press article highlighted deals in the similarly historic Palmer Woods district. Something to consider if you don’t need a job, or public schools for your kids (only about 60% of Detroit public high schoolers ever graduate).