Why buy a home in Detroit right now?

By
Commercial Real Estate Agent

If you are renting your home in Detroit, there is a very good chance that you are wasting money.

Ordinarily, paying rent instead of a house payment to build toward an asset is a bad idea, anyway.  However, with today's house prices in Detroit, you are probably PAYING MORE EACH MONTH.

That's right!


Right now, in many places within the City of Detroit, the amount you have to pay for RENT each month EXCEEDS the TOTAL MONTHLY COST TO OWN, even if you are borrowing the money.

Currently (at the time of this blog post), you can buy a home similar to this (below) for about $50,000, give or take.


Let's compare the approximate major monthly costs:

RENT: $800 - $950/Month

HOME OWNERSHIP (borrowing $50,000 at 6% for 30 years)
Mortgage Payment: $300/Month
Property Taxes: $200/Month
Home Insurance: $125/Month

Total Cost: $625/Month (vs. $800-$950/Month to Rent)

This is making no mention of any of the other tax benefits you get from owning your own home in Detroit rather than renting.  It also does not take into account that you can build equity in your own property.

It also does not consider any help you might receive from a down payment assistance program that could be available for you.

If you're renting in Detroit, what is your REAL excuse for not owning your own home in Detroit?

Call Now for More Information: (248) 569-1486

 

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Ambassador
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Awesome share Nakia. This is very informative and will surely prove helpful to all readers  out there. 
Nov 08, 2013 10:08 PM #1
Rainer
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Barbara Gregus
CARES Consumer Advantage Real Estate Services - Sandia Park, NM
Sandia Park Paa-ko Homes
Thank you for sharing Why buy a home in Detroit right now? Have a great week!
Jan 03, 2014 09:38 PM #2
Rainer
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Waynette Hoover Araj
Keller Williams Realty - Asheboro, NC
Connecting your Dreams with the Right Real Estate
That's very good information on what to expect from neighborhoods in Detroit . Wishing you all the best this 2013.
Apr 16, 2014 01:19 PM #3
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Rainer
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