[quote=sdrealtor]nj
I think we would both agree that Detroit is an outlier and perhaps the area hardest hit by urban decay. Certainly not a good yardstick to compare a place like that that has declined incredibly with an area that has improved so much.
Based upon the CPI figures you quoted it sounds like the house still has potential downside if it sells for the asking price(10% max).
OK, more information. The house is in 92024 which has grown in desiareability over the last 22 years. That should be reflected in incomes with wealthier folks migrating in as well as increasing wages for all longtime residents. Anyone able to dig up median HH income in 92024 in 1988 and 2010.[/quote]
Regarding Detroit – just using it as an extreme example to illustrate a point. Median HH income for 92024 in 1988 was about $32.400; in 2008 (most recent I could find) in was about $82,200. If you want to take into account the CPI, it seems the adjusted median HH income has increased about 50%.
