Homes in Detroit can run much cheaper than the national average. In January 2023, the median sale price nationally was $383,460, according to Redfin. In Detroit, it was just $77,500. The Detroit Land Bank Authority (DLBA), founded in 2008, sells run-down and vacant properties. Even without these programs, houses can still cost less than $2,000.
The only problem with low-priced homes: they need a lot of work. The DLBA has a compliance program that requires purchasers to either renovate and occupy or demolish the house. (H/T)
Deandra Averhart’s House Before Renovations.

Deandra Averhart
In June 2018, native Detroiter Deandra Averhart purchased a home through the DLBA’s Own It Now program for $2,690.50. She spent around $13,000 fixing it over 15 months. She kept her renovation costs relatively low by asking students for help clearing out debris and decorating with furniture she bought at thrift stores or on Craigslist, she told us. Deandra explained how she transformed the property and her most significant takeaways from the project.
A brief history: Detroit, Michigan, was once home to a booming auto industry. However, in the 1950s, the city started declining, and companies began moving out. By the 1960s, people were leaving in droves.

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In 2013, the city filed for Chapter 9 bankruptcy protection, the largest municipal bankruptcy in US history. Now more and more programs have explicit missions to improve the city.
The Detroit Land Bank Authority ? th...