- The Detroit Land Bank Authority sells publicly owned properties in poor condition at low prices.
- That’s how high-school teacher Deandra Averhart purchased a three-bedroom home for just $2,690.50.
- Averhart broke down how she transformed the house while keeping renovation costs low.
Homes in Detroit can run much cheaper than the national average.
In January 2023, the median sale price nationally was $383,460, according to Redfin. In Detroit, it was just $77,500.
The Detroit Land Bank Authority (DLBA), founded in 2008, sells run-down and vacant properties. Even without these programs, houses can still cost less than $2,000.
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The only problem with low-priced homes: they need a lot of work. The DLBA has a compliance program that requires purchasers to either renovate and occupy or demolish the house.
In June 2018, native Detroiter Deandra Averhart purchased a home through the DLBA’s Own It Now program for $2,690.50.
She spent around $13,000 fixing it up over 15 months. She was able to keep her renovation costs relatively low by asking students for help clearing out debris and decorating with furniture she bought at thrift stores or on Craigslist, she told Insider.
Deandra explained how she transformed the property and her biggest takeaways from the project.
