Homes in Detroit are being auctioned off for $1,000

If you have $1,000, you can become a homeowner in Detroit, Michigan.

The Detroit Land Bank Authority (DLBA), founded in 2008, set out on a mission to return run-down and vacant properties in the city of Detroit to productive use. To do so, it is now auctioning off thousands of publicly owned properties through its public platformAuction— and the bidding starts at $1,000.

To put that price into context, as of June 2019, the median home price in the Detroit metro area is $163,100. And as of April 2019, the city’s median household income is $30, 344.

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Source: Homes in Detroit are being auctioned off for $1,000: How it works – Business Insider

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