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24/7 Wall St.: Cities Where Homes Cost Less Than a Car

7. Dearborn Heights, Mich.

Median listing price: $55,000
Comparably priced car: Cadillac Escalade ($64,800)
Housing price change (year over year): 5.2%
Median household income: $48,905
Unemployment: 9.9%

The city of Dearborn Heights is home to many workers in the auto industry, so it is far from immune to housing and other economic issues plaguing many Michigan cities. Home prices in the city have fallen by a fairly drastic 55.2% since their peak, according to FHFA data. Yet Dearborn Heights would appear to have a little more upside than some of its neighboring cities if only because Ford is preserving it, and because the number of residents earning more than $100,000 annually remains in line with national averages, unlike any of the other cities on this list.

(iStock)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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