It may be tough to get financing for a new car these days, but in Detroit you can buy a house with a credit card.Instead of getting a new car, I should have gotten two lots in Detroit. Some other things you can get for $7500:
The median price of a home sold in Detroit in December was $7,500, according to Realcomp, a listing service.
Not $75,000. Remove a zero—it's seven thousand five hundred dollars, substantially less than the lowest-price car on the new-car market.
Among the many dispiriting numbers that bleakly depict the decrepitude of this onetime industrial behemoth, the steep slide of housing values helps define the daunting challenge to anyone who wants to lead this shrinking, poverty-pocked city of about 800,000 people.
A 2002 VW Passat
Sevenish 46" LCD flat screen TVS
A KitchenAid refrigerator
The best plan is probably to move people out of Detroit as quickly as possible. You could move 80,000 to each of the ten American cities larger than Detroit, and that would work. Or move 40,000 to the ten larger, and then 20,000 each to the next twenty. Or (this might be crazy) they could try lowering taxes and making it easier and cheaper for people to live and work there.
From here.
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