Recently: Detroit's Population Drops To Lowest Level In 100 Years
Detroit's population dropped 25 percent over the last decade to its lowest level in a century, according to U.S. Census figures released on Tuesday.
The city's population fell to 713,777 last year from 951,270 in 2000 when the last census was taken as the region suffered from a struggling automotive industry, plant closures and job losses.
In the same period, the state of Michigan's population dropped 0.6 percent to 9.88 million.
Detroit's 2010 population compares to 1.85 million people living in the "Motor City" in 1950 and was the lowest total since the 1910 Census showed a population of 285,704.
At http://www.prudential.com/ you can look up real estate for sale. Detroit has 2,807 homes and condos listed for sale. 2,331 (83%) of those are list for sale at or under $50,000. 1,842 (66%) of those are listed for sale at or below $25,000. 673 (24%) are listed for sale at or under $10,000.
That's right, check out this listing, a 4 bedroom 2 bathroom home for sale at $10,000 with 1,742 s.f. In comparison, this home where I live in California would have a value of $600,000 to $700,000.
Detroit is the definition of a deflationary city in the United States. A shrinking population stimulated in part by a shrinking auto industry has left too many homes and too few people, thus values have all most hit zero.
It probably costs more to demolish some of these very low priced homes than what they are worth creating a net negative value, if that's possible. Never the less, bull dozing is to be expected in this deflationary market.
Hope all is well.
J.D. Rosendahl, Rosey