The average price of homes sold in Detroit in 2012 was $7,500; as of January 2013 47 houses in Detroit were listed for $500 or less, with five properties listed for $1.[42] Despite the extremely low price of Detroit properties, most of the properties have been on the market for more than a year as buyers balk at the boarded up, abandoned houses of Detroit.[42] The Detroit News reported that more than half of Detroit property owners did not pay taxes in 2012, at a loss to the city of $131 million (equal to 12% of the city's general fund budget).[45]
The average price of homes sold in Detroit in 2012 was $7,500; as of January 2013 47 houses in Detroit were listed for $500 or less, with five properties listed for $1.[42] Despite the extremely low price of Detroit properties, most of the properties have been on the market for more than a year as buyers balk at the boarded up, abandoned houses of Detroit.[42] The Detroit News reported that more than half of Detroit property owners did not pay taxes in 2012, at a loss to the city of $131 million (equal to 12% of the city's general fund budget).[45]