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

4. Redford, Mich.

Median listing price: $40,000
Comparably priced car: Ford F-450 ($55,000)
Housing price change (year over year): 5.2%
Median household income: $52,573
Unemployment: 9.9%

Redford is not a large city, but it suffers from problems such as 1-in-159 homes in foreclosure, the worst rate among cities on this list. It also has aging homes, most of which were built just after World War II and may be expensive to maintain. Like Warren, prices have dropped by 38.5% from their peak according to FHFA data. On the bright side, at $52,573 the average annual income in Redford is higher than in many of its neighboring cities on this list.

(PRNewsFoto/Steel Industries Inc.)

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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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