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Old 03-26-2011, 08:13 AM
 
Location: Paradise Lost
291 posts, read 452,295 times
Reputation: 212

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I will be retiring soon on a rather low fixed income and am looking for places (preferrably large cities) where my limited rent money will go the furthest. Does anyone have any hard data on how the exodus from Detroit over the past decade has affected the availability of discounted rental apartments or where such information can be found? I can't find a subforum that directly addresses this topic under "Detroit" and the "Retirement" forum is too general. Any serious nonabusive replies would be welcome.
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Old 03-26-2011, 09:45 PM
 
Location: north of Windsor, ON
1,900 posts, read 5,906,480 times
Reputation: 657
Rent can be fairly high compared to what it costs to actually buy a comparable property, unless you're willing to accept a dump. The rental market is pretty strong. The Michigan winter might be a bit hard for older bodies to take as well. I'm only 32 and already feeling it.
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Old 03-26-2011, 10:17 PM
 
Location: Detroit
655 posts, read 2,203,017 times
Reputation: 204
You should provide more info. #1 $$
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Old 03-27-2011, 06:22 AM
 
Location: On the brink of WWIII
21,088 posts, read 29,223,196 times
Reputation: 7812
I have heard that with so many folks losing their homes and wanting to stay in the area rent is staying high. Our daughter's rent in a metro suburb is $300 a month higher than ours.
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Old 03-27-2011, 02:02 PM
 
Location: Paradise Lost
291 posts, read 452,295 times
Reputation: 212
Unhappy Just what I feared

Quote:
Originally Posted by us66 View Post
Rent can be fairly high compared to what it costs to actually buy a comparable property ... The rental market is pretty strong.
Quote:
Originally Posted by zthatzmanz28 View Post
I have heard that with so many folks losing their homes and wanting to stay in the area rent is staying high.
Thanks for the info, folks. The theory that shrinking population translates into affordable vacancies just doesn't hold up when you factor in the foreclosure crisis, does it? Well, there's always Nicargua ...
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Old 03-27-2011, 06:44 PM
 
Location: Downtown Detroit
1,497 posts, read 3,490,917 times
Reputation: 930
Compared to other cities, rent in Detroit is cheap. Property in nice historic neighborhoods is also cheap compared to what you'd pay for similar properties in a city like Chicago. There are many retirees who live in/around downtown Detroit, in fact, I have many retirees living in my building. I really don't know what people are talking about by suggesting that rents in Detroit are high. There are even plans for two new senior centers, one located on the E. Riverfront near Belle Isle Park, and the other one between Corktown and Mexican Village. If you are considering a co-op, you can buy into a luxury highrise in Lafayette Park (next to downtown) for less than 5k. The best parts of Detroit are cheap right now, but I wouldn't expect it to stay like for long, especially in areas in and around downtown and Midtown.
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Old 03-27-2011, 08:29 PM
 
Location: Michigan
63 posts, read 105,148 times
Reputation: 47
DETROIT has retired (or died)!!!!
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Old 03-27-2011, 10:06 PM
 
Location: north of Windsor, ON
1,900 posts, read 5,906,480 times
Reputation: 657
Quote:
Originally Posted by ForStarters View Post
Compared to other cities, rent in Detroit is cheap. Property in nice historic neighborhoods is also cheap compared to what you'd pay for similar properties in a city like Chicago. There are many retirees who live in/around downtown Detroit, in fact, I have many retirees living in my building. I really don't know what people are talking about by suggesting that rents in Detroit are high. There are even plans for two new senior centers, one located on the E. Riverfront near Belle Isle Park, and the other one between Corktown and Mexican Village. If you are considering a co-op, you can buy into a luxury highrise in Lafayette Park (next to downtown) for less than 5k. The best parts of Detroit are cheap right now, but I wouldn't expect it to stay like for long, especially in areas in and around downtown and Midtown.
I was saying rents in the metro are ridiculously high compared to purchase prices. There are plenty of cheap and cheap-ish rents in Detroit and some of these places are definitely nicer than others. The OP also did not mention a preference for city or suburb, so I assumed suburb.
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Old 03-27-2011, 11:02 PM
 
Location: Downtown Detroit
1,497 posts, read 3,490,917 times
Reputation: 930
Quote:
Originally Posted by us66 View Post
I was saying rents in the metro are ridiculously high compared to purchase prices. There are plenty of cheap and cheap-ish rents in Detroit and some of these places are definitely nicer than others. The OP also did not mention a preference for city or suburb, so I assumed suburb.
Oh, sorry us66, I read your post as a general statement about rents, and ironically, because of my city-centric mindset assumed he was asking about the city. And, now that I understand your post, I agree with you about the cost of housing versus the cost of renting. It's definitely a buyer's market- in both the city and the suburbs.
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