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What can you buy for a dollar? Not much, if you think of it, for the dollar doesn't have much value these days. But in Detroit, the city that once launched the automobile age in the United States, a dollar is good enough to buy you a home.

These $1 homes have reached urban legend status in the United States, as an evidence of the housing crisis that once hit the economy last year. Detroit has been on a decline in population for decades, but it was the housing crisis that really pushed the city population downwards. It's now well below a million, half of the population during its peak in the 50's.

These very cheap homes are not really surprising, for one in every five Detroit homes are unoccupied. A third of the population is unemployed, and crime rates are among the highest in the city. With the abundance of homes and poor living conditions, it's not surprising that real estate prices in the city are this low these days.

And if you think that the houses are in good condition, then better think again. Most of these homes are in the city's worst neighborhoods, surrounded by wrecked houses and bad properties. Roofs have large holes and some of the furniture are stolen. These parts of Detroit are like ghost towns already.

Personally, I can't even think of settling in any of these homes. My safety is always more important than a $1 home, and if I cannot feel safe in a neighborhood as bad as the ones in Detroit, I might as well settle somewhere that is more expensive.

But then again, real property is real property is real property. We're still talking about real land here, land that you can turn to if the economy gets better once again and Detroit becomes able to stand on its feet. The returns don't seem to be well in the foreseeable future, but who knows, right? Everything can always make a 360-degree turn.

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Tags: • housing crisis • neighborhood • real property • living conditions • real estate prices • michigan • detroit • cheap homes • cheap houses •

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