Yesterday I posted about buying a home on a credit card. (As a refresher: no, this is not something I suggest that everyone run out and do). The example I used was condos in Vegas, which are selling for extremely low prices in the current market.

Today, I want to discuss another area where this is possibility: Detroit.

Houses in Detroit can now be had for less than just about any area in the nation. Want to look in some of the scarier areas? If you’re not afraid of inner-city violence, vandalism, and trespassers, you may be able to get a home for just a buck. Check any MLS site and you’ll see dozens of listings for less than a Big Mac.

The Chicago Tribune reports:

“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.

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.”

If the average home is going for less than ten grand, think of what you could have if you triple or quadruple that amount.

Although it’s experiencing a major case of urban blight, there are some ok areas in Detroit where you can buy a house on a credit card for $50,000 or less.

photo credit: TheTruthAbout…

Tags | buying a house on a credit card, creative financing