Median listing price
: $21,000 Comparably priced car
: Chevy Malibu ($21,000) Housing price change (year over year)
: 5.2% Median household income
: $29,447 Unemployment
Detroit’s leaders are committed to reducing spending and creating a more livable and prosperous city for families and businesses of all sizes. The local automotive economy is improving, especially as Chrysler stages a comeback from its near-death experience. Some may interpret a year-over-year housing price increase as a positive sign for Detroit’s future. But unkind economists might call it a dead-cat bounce. Unemployment is not merely high, population is decreasing, and in 2010, one-in-five homes were vacant. Long term, that’s a lot of downward pressure on housing prices.
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