How to make the perfect house in the city with an extra $300K in your pocket
By The Associated Press | 06/02/2016 08:19:33By Joe Shuster/Associated PressWASHINGTON (AP) It’s no secret that the suburbs are in for a rude awakening when it comes to home prices.
But it’s also no secret how expensive those areas have become, with some of the country’s most expensive real estate markets being more expensive than the city as a whole.
The average home in metro Detroit is now worth more than $2 million, more than a decade after the U.S. Census Bureau first tracked the average price of a home in the state.
That’s a jump of more than 25 percent over the past 10 years, according to real estate research firm Zillow.
More than half of the state’s housing units in metro Wayne County have a price tag that’s more than twice that of the national average.
That includes homes valued at more than half a million dollars.
The metro area has been on a tear, surging in the past decade with a population of more and more people.
That is especially true in the suburbs, where residents are buying more than just their own homes.
The median price of detached homes in Wayne County has jumped more than 200 percent since 2007.
That compares to a drop of more a half-million dollars in the national median, according the Zillows data.
That trend is driven largely by Detroit, which is now home to more than 5 million people, more people than any other U.K. city.
That trend has created a huge glut of housing in the metro area, which was home to 4.5 million people in 2011, according U.N. figures.
That would mean the region is now the fourth-largest U.H.S., with nearly 3.5 billion people, behind the U: New York, California and Texas.
The Detroit area has also seen a surge in the number of people living on the streets.
The number of homeless people in the region rose by nearly 15 percent in the 10 years ending in 2015, according a report by the UH: New Jersey.
There are signs that this is changing, with the city council approving $7.5-million in funding to provide shelter to more people in April.
That could help reverse some of that housing decline, which has also been fueled by an influx of new workers to the region.
But if the region wants to catch up to the rest of the nation, it will need to cut costs and invest in new housing.
That means cutting back on what it calls “lifestyle housing,” which includes condos, townhouses and condos for sale.
The city is currently working on a new proposal that includes the inclusion of more amenities, including green space and more community centers, as well as a larger affordable housing stock.
It’s a big change for the region, which used to have an array of housing options available to its residents.
Those include low-income housing, townhouse-style units, and rental apartments.
That meant that many residents had to work two or three jobs just to afford a home.
In recent years, those types of units have grown rapidly, especially in the Detroit area, according and real estate researcher Michael Kinsley.
That has helped make the area one of the most expensive in the country.
“It’s not just the prices, but it’s the amenities, the amenities that are just out of reach for many people,” he said.
In Detroit, it’s a different story, Kinssey said.
“There are so many amenities, and yet you can’t find a place that meets the needs of the residents.”
The most affordable options for people with limited incomes include single-family homes, detached homes and townhouses.
For people with more, the most affordable option is a two-bedroom apartment or condominium.
That makes up about 50 percent of all homes in Detroit, according Zillower.
It also means that the city has not built enough new housing, a big problem in a city where housing supply is still at record lows.
“Detroit is one of those places that is going to continue to have a housing shortage for a long time, because it’s an expensive city to live in,” said Jim Langer, a housing expert and professor at the University of Detroit Mercy.
“People are going to have to live on the street.”
Langer is also concerned about the amount of vacant housing in Detroit.
The city has been hit hard by a recession, and its residents have been searching for new places to live.
He also worries about the long-term impacts of the high cost of living.
“What people are seeing is that they are going up against a very difficult economic environment,” he added.
“I think that there is going (to be) a lot of angst, and people are going through that at this time.”
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