Cheapest Housing Market: Detroit
According to the National Association of Realtors data, the metro area of Detroit-Warren-Livonia, Mich., ranks the cheapest housing market in America. The median price is a mere $53,100 according to Q1 data. That’s down an additional 2.8% from a year ago.
There’s no surprise here for anyone who knows the travails of the Detroit region. The Rust Belt economy was decimated as the auto industry (and related manufacturing) contracted during the financial crisis. So much so the city itself teetered on the brink of insolvency. So in this housing market it’s “buyer beware” about more than just your real estate.
The rest of the list is a mixed bag, with some improving in prices significantly and others declining. It’s worth noting, though, that they are all in smaller Midwestern metro areas.
2. Toledo, Ohio. Median price $78,600 (down 2.3% from 2011)
3. Lansing-East Lansing, Mich. Median price $79,100 (up 6.2% from 2011)
4. South Bend-Mishawaka, Ind. Median price $83,400 (up 1.0% from 2011)
5. Decatur, Ill. Median price $86,600 (up 6.4% from 2011)