I've been priced out of downtown Detroit

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I've been priced out of downtown Detroit

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2014 May 27, 2:24am 3,272 views 6 comments

http://money.cnn.com/2014/05/27/real_estate/downtown-detroit/index.html?hpt=hp_t2

Amid efforts to revitalize Detroit's downtown, some residents are finding they can no longer afford to live there.

Five-year resident, Andrew Kopietz moved out of his one-bedroom in the downtown Lafayette Park neighborhood late last year after his rent was hiked to $1,100 from $840 a month.

Seeing profits, many big investors have been buying downtown's older buildings, renovating them and renting them out at much higher rates. However, in some cases, it has meant getting rid of the former tenants first.

Comments 1 - 6 of 6 Search these comments

1 corntrollio 2014 May 28, 6:54am

Maybe some hipsters are finding their rent increasing this year, but let's get real:

She helped them buy a five-bedroom house for $100,000 in a northern part of Detroit.

JH 2014 May 28, 9:32am

corntrollio says

$100,000 in a northern part of Detroit

Ha, the good ol' days of $100k homes. This is quite a bit cheaper than $1.1k rent or $0.8k rent. Geez, zero point anything rent is insane. But, Detroit...

3 EBGuy 2014 May 28, 10:05am

Detroit is an interesting case study for urbanization trends. If it's happening there, it's happening everywhere.