Once in a while, we like to check in on what some of the reports say about buying a home in Detroit. This report from HSH covers Metro Detroit, and we’re still coming in way below the national average. The report is looking at what you need “in order to afford the principal, interest, taxes and insurance payments on a median-priced home in your metro area.” For this quarter, they’re reporting that you need to earn $39,033.42 to afford a home in Metro Detroit.
We’re ahead of other Rust Belt cities like Cleveland and Pittsburgh, but no where near the higher end of the Midwest (Hey Chicago!) or the country (we’ll just visit, San Fran!).
They’re reporting the median home price in metro Detroit is $170,817, which is up +4.03 percent from last quarter and +9.28 percent from last year.
Of course, this doesn’t factor in car insurance, transportation, and other issues we’ve discussed before. And these reports don’t factor in so many issues that are prevalent in Detroit, like what to expect when buying an older house.
The last time we checked in with renting, it was costing about the same ($38K) to afford to rent in the city. Of course, rentals near downtown, Midtown, and Corktown are substantially higher than in other parts of the city.
How affordable is this compared to other cities? Forbes has us listed as the #10 Most Affordable City (or metro region) in the country.
- The salary you must earn to buy a home in 27 metros [HSH.com]
- America’s Most Affordable Cities [Forbes]
- The Price of Living in Detroit: An Open Thread [Curbed Detroit]
- How Much Should You Make to Afford Rent in Detroit? [Curbed Detroit]