[detshen]

Originally Posted by Unicornz0

I've been thinking about buying a house in one of the western suburbs of Detroit. The houses that I'm interested in are currently selling for $100,000-150,000. These prices seem to be reasonable compared to the selling prices BEFORE the housing crash. But I think they are grossly over priced now also. I'm thinking that HUD, Fannie Mae, and Freddie Mac, with their very low down payment requirements are keeping the prices artificially high.

Even though some think of the suburbs as distinctly different from Detroit , I see the entire Detroit–Warren–Livonia MSA as one big neighborhood. Now that the new middle class and auto industry wage here, seems to have a high of about $14.00 dollars per hour, I don’t think it will be affordable for many buyers, if I decide to sell this house in the future
I’d like to know what others think about my concern.


Thanks In Advance For Your comments,
Uni

I don't see how Livonia and Warren can be considered just an extension of Detroit neighborhoods, there is a large difference. The median household income for 2009 in Livonia is 66K, in Warren 54K, in Detroit the median income is 26K. The median income in the state of MI is 45K, so both Warren and Livonia are above average, whereas Detroit is far below. I don't know much about Warren, but Livonia is a safe, clean, well kept city with police protection, community services, and decent schools, Detroit simply can't offer those benefits at this time.