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Old 04-30-2011, 12:36 AM
 
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Just curious...

Do the high taxes in Detroit cause most people to rent or do they just buy because the properties are inexpensive?

Thanks.
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Old 04-30-2011, 06:15 AM
 
Location: On the brink of WWIII
21,088 posts, read 29,219,613 times
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Quote:
Originally Posted by AlexandraDKat View Post
Just curious...

Do the high taxes in Detroit cause most people to rent or do they just buy because the properties are inexpensive?

Thanks.

High taxes and the likely hood of depreciation of property cause most people to avoid buying ANYWHERE, let alone in Detroit.

With the average tax bill in Detroit around $3500-$5000, many people stay in the burbs where the taxes are somewhat lower and there are services within a reasonable distance.
Not to say rent is cheap by any means. With so many people out of their homes, rent is at an all time high in many areas.

The difference may come down to how long will you stay in an area, and is there a possibility you will have to leave / relocate in the near future--if so it may be hard to sell in a specified time and move on if you own.
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Old 05-03-2011, 08:05 AM
 
318 posts, read 870,305 times
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Quote:
Originally Posted by AlexandraDKat View Post
Just curious...

Do the high taxes in Detroit cause most people to rent or do they just buy because the properties are inexpensive?

Thanks.
One thing that has always bothered me was rental vs. purchasing prices on homes in Detroit. You'll be hard pressed to find a place under $500 a month, and yet $30,000 homes aren't atypical. WTF!

Anyway, when I lived in northeast Detroit the neighborhood I was in was mostly home owners. Still, many people rent not just because of the property taxes, but because of their financial situation. I'd love to move back to Detroit, but I sure as hell am not doing it for $650 a month!
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