I am an expert on homes, so I decided to look into how I could afford to buy one for $2,000.
The average house sold in Michigan for $3,716 in the second quarter of this year, according to the National Association of Realtors.
But it was only a fraction of the $7,500 median home price in the state.
“It’s hard to say, what would happen if you bought a house at $3.5 million for $1,700,000 and then sold it for $10,000,” said Robert P. Johnson, senior vice president of real estate at Riggs Realty.
“That’s kind of an extreme example.”
A house is a valuable asset in this economy.
But what about the future?
The median home value in Michigan has risen since 2006, according the Census Bureau, but that is still only a modest increase over the average income of Americans, which is around $50,000 per year.
The median income is only $47,200 per year in the United States as a whole.
And the median home values are far from the average for the state of Michigan.
“The state of Michiganders median income for people under 30 years old is about $40,000 a year,” Johnson said.
“So you would expect to see the median income go up in the future.”
The median house price is expected to rise by about $1 million to $3 million over the next five years, according Topp, the Detroit real estate broker.
A home sold in Detroit for $8,500 last year, to the tune of $9.5 billion.
But that’s not necessarily a great investment, as the median price is much higher than the value of the home.
A house worth $2 million would sell for $15 million, to a house worth about $30 million.
If you’re lucky enough to have an opportunity to buy a house for less than $2.5-million, Johnson said, you might not even be able to afford to.
“This is one of those times where I’m going to say if you’re looking at a $2-million house, get it over there because you’re probably going to be outbid,” Johnson told the B/R app.
“But if you don’t have an offer, get your offer over there, you’ll be out of luck.”