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Old 07-31-2018, 02:13 AM
 
Location: North of Canada, but not the Arctic
21,096 posts, read 19,701,602 times
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https://www.clickondetroit.com/news/...-united-states

$158 per month mortgage payment?
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Old 07-31-2018, 01:13 PM
 
Location: Grosse Ile Michigan
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They left a zero off the end.
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Old 08-01-2018, 03:47 AM
 
Location: On the brink of WWIII
21,088 posts, read 29,213,961 times
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seems there should be more zeros on their costs all around?
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Old 09-16-2018, 06:08 PM
 
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Default I believe this sum,

$158.00 monthly mortgage payment, on the principle only.
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Old 09-17-2018, 07:46 AM
 
Location: Ann Arbor MI
2,222 posts, read 2,248,414 times
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I didn't read the story but my actual mortgage payment in Ann Arbor is $588.
But as many people do I escrow my property taxes and pay them monthly within my mortgage so the monthly payment including property taxes is about $970.
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Old 12-05-2018, 01:55 PM
 
6,453 posts, read 3,973,217 times
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$158/mo in what neighborhood, and is it an area you want to live in, and is the house in need of so much repair that by the time you factor in those costs you're actually paying a lot more, not to mention possibly-higher homeowners/car insurance costs because of the area? (And, city income taxes due to being a Detroit resident.)

Do people really look at a mortgage payment and then close their eyes, and think no other costs are associated with home ownership?

Further, the article doesn't address the cost of renting vs. owning, which plenty of people do, inside the city of Detroit and elsewhere.
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Old 12-05-2018, 04:12 PM
 
4,861 posts, read 9,306,847 times
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Well sure, if they're talking strictly about the city of Detroit then of course the bad areas are going to average it out to be low. However, if they would include the entire metro area it would be considerably higher, and it is the nicer suburbs where a lot of people who move to Detroit would want to live. I would love to see these numbers if they took into account places like Northville, Plymouth, and Birmingham.
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