Chart of the Day: You Can Buy 2 Detroit Homes for About the Same as One Average-Priced New Car
For the last four years since 2008, the average price of a new home in Detroit has been below the national average price of a new car (see chart). For 2011, the average price in Detroit for homes sold year-to-date through July is $14,998, compared to the $29,602 average price of a new car. In other words, you could buy two houses in Detroit for about the same price as a new car. Maybe a middle-income household in Detroit could be a two-home, two-car family?