As I read this article on the markets that had the most and least affordable housing I couldn’t help but be struck that by and large the “most affordable” cities were places that were in or on the verge of collapse. Syracuse, Indianapolis, Detroit, Youngstown, Buffalo.
The “least affordable” (with the exceptions of New York and Honolulu) were all in California.
Indianapolis is on the verge of collapse?
No, but upstate New York, Youngstown, and Detroit are all very seriously depressed. Seems to me like a pretty perverse notion of “affordability”.
We’re going to try to do our part. We just bought a business outside of Detroit that was undermanaged and undercapitalized. Its the usual formula: bring capital and acquisition capability, augment management, and some critical thinking. Shake it uo in a bottle and see what happens.
The area could use the jobs.
I was going to make Drew’s query earlier today, but then noted “by and large.” I spent a week in Indy last Spring and it seemed to be growing hard. There seemed to be a number of companies headquartering their Midwest operations there, which didn’t bode well for Chicago, but they also seemed invested in tourism/sports in a way that can certainly develop a low-income economy.
I’m glad Drew already asked my question about Indy.
But speaking of places on the verge of collapse, if that was true then most of Ohio (eg Dayton and Springfield) would have been on the list as well.