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Housing Shortage?

  • Thread starter Thread starter peeonme
  • Start date Start date
That property looks eminently affordable, but I'm guessing that being in Detroit is a bit of a problem for most people.
 
unloadonme said:
That property looks eminently affordable, but I'm guessing that being in Detroit is a bit of a problem for most people.
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probably costs $350,000-$500,000 needs new plumbing and a roof and the bedrooms are all way to small. Real estate is unimaginably ridiculous
 
unloadonme said:
That property looks eminently affordable, but I'm guessing that being in Detroit is a bit of a problem for most people.
Click to expand...
Detroit gets an unfair rap. It has gone through some rough times but it is on its way back. If people really need a place that can afford they need to consider Detroit or other urban areas rather than having the government build houses that increase urban sprawl.
 
peeonme said:
That home is listed at just under 50,000.
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I suspect that home is not representative of others in the area.

5 days on Zillow | 735 views | 94 saves | Likely to sell faster than 92 % nearby*

*Our algorithm analyzes data including nearby home sales, property details and engagement to estimate how fast a home will sell. This is based on home information from Realcomp II over the last 3 months.
Click to expand...
 
opinterph said:
I suspect that home is not representative of others in the area.
Click to expand...
www.zillow.com

2947 Glynn Ct, Detroit, MI 48206 | MLS #24043270 | Zillow

This 1208 square feet Single Family home has 3 bedrooms and 1 bathroom. It is located at 2947 Glynn Ct, Detroit, MI.
www.zillow.com www.zillow.com
www.zillow.com

9534 Rutland St, Detroit, MI 48227 | MLS #20240067990 | Zillow

This 1410 square feet Single Family home has 4 bedrooms and 2 bathrooms. It is located at 9534 Rutland St, Detroit, MI.
www.zillow.com www.zillow.com
www.zillow.com

16247 Prairie St, Detroit, MI 48221 | MLS #20240049131 | Zillow

This 1259 square feet Single Family home has 4 bedrooms and 2 bathrooms. It is located at 16247 Prairie St, Detroit, MI.
www.zillow.com www.zillow.com
There are dozens of if noy hundreds of homes under 100,000 in Detroit that are very nice to live in.
 
peeonme said:
A lack of affordable housing is a topic that makes the news frequently.
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"Affordable housing" and a general shortage of housing is by no mean exclusive to the US
It is s first world problem for EVERY first world economy
None is affected by this - along with the "cost of living crisis - than my country, Australia, is.

Yet, world over, every government, every president, every prime minister in every country is being held personally responsible
In the US, this world-wide problem was caused by President Biden.
In Australia, this world-wide problem was caused by Prime Minister Albanese.
In Canada, this world-wide problem was caused by Prime Minister Trudeau.
In the UK, this world-wide problem was caused by Prime Minister ... well, they change them every fortnight.
 
Nude_Dude said:
"Affordable housing" and a general shortage of housing is by no mean exclusive to the US
It is s first world problem for EVERY first world economy
None is affected by this - along with the "cost of living crisis - than my country, Australia, is.

Yet, world over, every government, every president, every prime minister in every country is being held personally responsible
In the US, this world-wide problem was caused by President Biden.
In Australia, this world-wide problem was caused by Prime Minister Albanese.
In Canada, this world-wide problem was caused by Prime Minister Trudeau.
In the UK, this world-wide problem was caused by Prime Minister ... well, they change them every fortnight.
Click to expand...
In the US large investment firms are buying up homes and renting them out. A home that would have had a mortgage payment of $500. is rented out at 1000.00. Many people can't save enough to make a down payment on a home because they are paying high rent. Back in the day (when ever that was) most landlords were a mom and pop operation and owned a handful of houses and didn't gouge their tenants. I get several calls a week with offers to buy my house from investment firms that seek to corner the market.
 
We have a rule that we never raise a tenant's rent for the time they are there.

This is balanced by a recognition that the capital resale value of the property is climbing and the stability it afford to our tenants is worth the few hundred extra dollars we would make.

I am though now looking ahead to sell both our office building and house next door and worry that our tenant may be gouged. So I amy sell one at a time.
 
peeonme said:
In the US large investment firms are buying up homes and renting them out. A home that would have had a mortgage payment of $500. is rented out at 1000.00. Many people can't save enough to make a down payment on a home because they are paying high rent. Back in the day (when ever that was) most landlords were a mom and pop operation and owned a handful of houses and didn't gouge their tenants. I get several calls a week with offers to buy my house from investment firms that seek to corner the market.
Click to expand...

I believe that is much the same situation, "down here" Although the popular line of thought is to blame the Indians and Chinese buying up all our real estate as investments - but the official data says the greatest foreign investors have come from the UK and New Zealand, I still say we've got something wrong when we look at one of life's essentials - a roof over our head - as being an "investment" and finally to reach such a position to borrow enough to buy a home is called "entering into the market" Buying "investment properties" for too long has been too "tax friendly" If anyone wants to "make investments" and "enter the market" - morally, they should be looking at the stock exchange.
 
A "hobby" of mine is to go to places like Zillow and poke around at different places to see what is on the market and what sort of neighborhood they are in. After listening to the Presidential debate and the claim that we need more affordable housing I wondered what was available now.

Why build more houses if we have a large number available at a very reasonable price? Detroit in its prime had well over a million residents. White flight, slum lords and the riots of the late '60's brought about a decline and the city now has about 650,000 in the city proper. What we see and hear on the news is about drive by shootings, blocks upon blocks of old decrepit houses that need to be razed because they are well beyond repair and of course drugs and crime.

We don't need to build anything, we need to take a look at what it is really like in the cities. In Detroit there might be one house on a block of decent homes that is in a bad state of repair. There might be a whole block of slumlord properties surrounded by decent homes.

Single family homes that are owned by the residents at very affordable prices will bring tax revenue back to the city for better schools and other public infrastructure. Why build multi family structures out in the middle of nowhere? Contractors will love to do this and there will be payoffs and bribes, more land swallowed up and people driving longer distances to get to work.

If we need to spend money to solve the housing "problem" why not help people with a down payment? Why not repopulate cities? Why not have them live where mass transit is practical?
 
Wow. only 49k...a house I could actually afford. .lol. same thing here would probably be 10x that price - 490k. Totally unaffordable.
I would never live in Detroit though.
 
In the UK it is going to get a whole lot worse very soon
The new Labour Government is introducing a whole raft of 'tenant protection' laws which will make it virtually uneconomical for landlords
Already the housing market is starting to flood with properties. Prices will plummet but no-one will buy because renting is their only financial option
 
72-Jay said:
Wow. only 49k...a house I could actually afford. .lol. same thing here would probably be 10x that price - 490k. Totally unaffordable.
I would never live in Detroit though.
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For those who can afford more expensive housing, of course you can live wherever you choose. However, for people that are "rent poor" I feel that a city that is underpopulated with a large inventory of homes as well should be taken into consideration.
 
peeonme said:
Detroit gets an unfair rap. It has gone through some rough times but it is on its way back. If people really need a place that can afford they need to consider Detroit or other urban areas rather than having the government build houses that increase urban sprawl.
Click to expand...
People don't just need a place to live. They also need jobs. Detroit doesn't exactly have the reputation of having a lot of jobs for people.
 
Dominus said:
People don't just need a place to live. They also need jobs. Detroit doesn't exactly have the reputation of having a lot of jobs for people.
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If you live in Detroit that doesn't mean that you have to work in Detroit. There are many employers in the suburbs of Detroit, they pay enough to make it possible to afford the less expensive housing within the city. Right now, there are employed workers paying 1500. to 2000. per month in rent that could own a home in Detroit with a mortgage payment of 700. per month.
 
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