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Posted: Jul 22, 2012, 6:59 PM
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Join Date: Aug 2002
Location: Toronto
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10 U.S. cities where homes cost less than a car
10 cities where homes cost less than a car
Jul 21, 2012
Read More: http://www.presstv.ir/usdetail/252066.html
Quote:
For many Americans, home ownership is the epitome of living the American dream. Yet, in towns with high tumbling home prices and double-digit vacancy rates, median-priced homes now cost the equivalent of new American cars - except, as investments go, they’re slightly more risky. Call it the dark side of the American dream - but if you can only afford to buy just one, which would you choose?
- In hard-hit cities, why own a home when you can rent one without the risk of foreclosure if your job falls through? Or, for about the same money, you can sport new wheels, facing only the risk of repossession - a lesser credit report complication than a foreclosure. While a car is unlikely to increase in value, its depreciation is both more manageable and predictable than a home. This quandary is especially meaningful to residents of Motor City, who have experienced deepening levels of housing hell in recent years.
10. Port Richey, Fla.
> Median listing price: $59,900
> Comparably priced car: Cadillac CTS-V ($71,000)
> Housing price change (year over year): -0.1%
> Median household income: $31,016
> Unemployment rate: 8.6%
9. Holiday, Fla.
> Median listing price: $59,900
> Comparably priced car: Tesla Model S ($69,900 with 85 kwh battery)
> Housing price change (year over year): -0.1%
> Median household income: $37,240
> Unemployment: 8.6%
8. Youngstown, Ohio
> Median listing price: $57,550
> Comparably priced car: Chevy Suburban ($68,900)
> Housing price change (year over year): n/a
> Median household income: $25,002
> Unemployment: 7.4%
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%
6. Whiting, N.J.
> Median listing price: $52,450
> Comparably priced car: Chevy Corvette Grand Sport ($64,650)
> Housing price change (year over year): n/a
> Median household income: $37,397
> Unemployment: 11.9%
5. Warren, Mich.
< Median listing price: $49,900
> Comparably priced car: Lincoln Navigator ($59,900)
> Housing price change (year over year): 6.5%
> Median household income: $46,247
> Unemployment: 9.9%
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%
3. Gary, Ind.
< Median listing price: $39,900
> Comparably priced car: Ford Expedition ($39,900)
> Housing price change (year over year): - 7.5%
> Median household income: $27,367
> Unemployment: 8.5%
2. Flint, Mich.
< Median listing price: $31,950
> Comparably priced car: Chrysler 300 ($31,950)
> Housing price change (year over year): n/a
> Median household income: $28,835
> Unemployment: 8.9%
1. Detroit, Mich.
> 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: 9.9%
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