Pittsburgh, Pennsylvania (Median list price: $245,00)
Detroit, Michigan (Median list price: $277,000)
Buffalo, New York (Median list price: $277,450)
Rochester, New York (Median list price: $282,500)
St. Louis, Missouri (Median list price: $299,900)
So, three of those places have some of the worst areas in the country which I’m sure is substantially bringing down prices
Like, Kensington, East St Louis, and 85% of Detroit are places with very cheap houses. They may even be nice and recently renovated.
But the gentrification never took.
I’ve had friends try it in my city, they were convinced neighborhoods were “up and coming” because that’s what realtors said to sell them the houses.
So they bought houses (that were still well over 100k) sunk a bunch of money into renovations, then looked around and realized not enough people did it, abandoned houses are all over, and the gunshots aren’t dying down.
A few had it work out, but lots of them tried to “beat the rush” and ended up losing a shit ton when they sold.
One of the problems is abandoned houses are often owned by banks. They’ll sell some, but if it looks like the neighborhood is actually “up and coming” they’ll take their empty ones off the market hoping price goes up.
But those abandoned houses that aren’t for sale stops more people from buying into the neighborhood and it stagnates.
…
So, three of those places have some of the worst areas in the country which I’m sure is substantially bringing down prices
Like, Kensington, East St Louis, and 85% of Detroit are places with very cheap houses. They may even be nice and recently renovated.
But the gentrification never took.
I’ve had friends try it in my city, they were convinced neighborhoods were “up and coming” because that’s what realtors said to sell them the houses.
So they bought houses (that were still well over 100k) sunk a bunch of money into renovations, then looked around and realized not enough people did it, abandoned houses are all over, and the gunshots aren’t dying down.
A few had it work out, but lots of them tried to “beat the rush” and ended up losing a shit ton when they sold.
One of the problems is abandoned houses are often owned by banks. They’ll sell some, but if it looks like the neighborhood is actually “up and coming” they’ll take their empty ones off the market hoping price goes up.
But those abandoned houses that aren’t for sale stops more people from buying into the neighborhood and it stagnates.