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How could we start urban farming in Detroit?

Is this the best time to move to Detroit, buy a house, and start a life there?

  • I realize the question might seem counter intuitive. I am curious to know what it is like to start a life in Detroit as a young person with no money or family to provide for, now that the real estate market is incredibly low and and anyone could buy a house in Detroit. Is it the best time to move there, buy a property for few thousand dollars and start something? Or will the Motor City become a very hard place to live in the next years? House prices reference: http://www.buzzfeed.com/summeranne/detroit-cheap-houses

  • Answer:

    Sure, you can give it try.  But don't do it just because you can afford to buy a house there. Consider instead what you will do there. Do you have a skill or trade that is needed in that city?  Where you will easily be able to find a good job that pays well?  And if that job doesn't pan out, can you get another similar one easily?  Certain skills are always in demand, and Detroit is no exception. OK, so you have a useful skill that is needed in Detroit.  How is the pay?  Are they paying less in Detroit because they know you don't need big bucks to buy a house?  How much difference will that make to you?  Are you still ahead? Where will you live?  Where will your kids go to school?  Where will you buy groceries?  Will you have to drive far for all the things you need? [1] Bottom line:  Will your quality of life and opportunities go up or down if you move to Detroit? I strongly advise renting for a full year before you even consider buying a home there.  Moving to Detroit is a risk.  It might pay off for you, or it might not.  Renting increases your flexibility and will prove to be less risky in the long run [2].  Consider that you might not be able to sell the house if you decide to leave.  In that case, your payments amount to rent payments, plus you will have a default mortgage hanging around your neck. Get to know the lay of the land.  (Crime is definitely an issue in that city.)  Check out the possible areas where you might want to live. Find out what it's really like to live there.  Decaying infrastructure means that parts of the city are just not working.  Try it for a year, then decide.  [1] [2] ----------------------------------------------------------------------------- EDIT:  OK, I didn't know you could buy a house in Detroit for $500.  But even so I would suggest you rent first.  There will still be property taxes, maintenance, and who knows what else.  Tread carefully. http://www.businessinsider.com/15-houses-you-can-buy-in-detroit-for-500-or-less-2013-7

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When it comes to careers, the one primary insight that you should impart to your children is: move to and live in places where there is tons of growth. Detroit is the opposite of that. You have to be out of your mind to move to a city with such little growth.

Anonymous

Right now, if you want to live in Detroit your best bet would be to stay as close to Downtown/Midtown as possible. Currently, these areas are the center of the Detroit's revitalization, and accordingly, have lower crime rates and higher property values than the rest of the city. Furthermore, you can buy mansions in Detroit's best neighborhoods for pennies on the dollar. If you're looking to make an investment, the best time to buy is now because when the city has finished it's revitalization, if you have taken advantage of the low property values, you will now be sitting on hundreds of thousands of dollars or even millions of dollars in property! Anyway, I encourage you to buy a home in Detroit, but make sure you do your research about crime rates, vacancy rates and such. The best thing for Detroit right now is new residents, so I am very happy for you. I hope you make the right decision!

Xavier Yeshayahu

I actually live in the city of Detroit, in one of the worst neighborhoods. For the vast majority of the city, no, you should not buy a house. Only in area like Indian Village or Boston-Edison area would you get a house in a neighborhood still viable, and maybe a few spots near Grosse Pointe. You might consider, however buying whole tracts of empty lots, which is what i would do for long term investment. the taxes on an empty lot is 20 dollars a year if you buy and house lot that cost 500 dollars. commercial lots i am not so sure about. depending on the area too. (please note correction on lot prices, i meant 500 dollars, not 5000! )

Per Sebra

It is true that larger deposit requirements will lock people out of the immediate ability to buy especially if rents are higher than mortgage repayments though that seems less an issue in the real world, but it would seem unlikely that people can repay. http://www.jamesmortgages.com/ottawa-mortgage-rate may be best in the market. There are also lots of Mortgage analysis app in the market from where you can save your lots of time. James Mortgage App is one of them. Try it and get your analysis report in real time.

Jim Bob

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