Michigan's housing prices vary pretty dramatically and we don't have a terribly low cost of living in parts -- especially real-estate. It's no SFBay, but it's rapidly getting worse.
You mentioned the 300,000 on 5 acres, and that's definitely possible, but you're not getting that in the desirable parts of Macomb or Oakland County[0], nor anywhere in Wayne outside of Detroit/Detroit-ish areas.
I watched a house on a busy city road (one where "pulling out of the driveway means an immediate traffic backup to the light" between 7-9 and 4-6 every day) which was 2,200 sq ft, 4 BR 2.0 BA, though it was new construction (relatively modern/upgraded interior) go for $550,000 in 2022 after multiple bids. The home I own (1800/3BR/1.5BA) which I purchased for $175,000 in 2001 and would have lost money had I sold it between 2007~2018, is worth about $330,000. This is partly due to the value increasing due to local changes and "what's happening everywhere in the country" housing prices-wise. I know folks who moved to Plymouth to a home with similar specs but paid a quarter million in 2017.
Cool. And because I didn't re-finance, I don't have a mortgage any longer. Except I want to upgrade. And had I done that in 2008, I could have afforded it. Now that upgrade is twice as much but my salary has not followed suit. My desire to upgrade went to near zero, already, once I paid it off. But now I couldn't even afford to if I wanted to. I figure I'll downgrade and move near the kids when they're older and take home some cash in the process.
One thing I love about where I live in Michigan, though ... it's rare that a house doesn't have a basement. Even in places you wouldn't expect -- our next-door neighbor on Lake Huron had a full basement with 12ft ceilings (and a hell of a system to keep it bone dry). And newer homes tend to have excellent ones you can make useful -- if not always up-to-code -- living/lab spaces out of. SFBay hacks in their garage. We hack in our basements.
[0] When people say they "Live in Detroit" that's probably where they live. Just like the Detroit Zoo.
You mentioned the 300,000 on 5 acres, and that's definitely possible, but you're not getting that in the desirable parts of Macomb or Oakland County[0], nor anywhere in Wayne outside of Detroit/Detroit-ish areas.
I watched a house on a busy city road (one where "pulling out of the driveway means an immediate traffic backup to the light" between 7-9 and 4-6 every day) which was 2,200 sq ft, 4 BR 2.0 BA, though it was new construction (relatively modern/upgraded interior) go for $550,000 in 2022 after multiple bids. The home I own (1800/3BR/1.5BA) which I purchased for $175,000 in 2001 and would have lost money had I sold it between 2007~2018, is worth about $330,000. This is partly due to the value increasing due to local changes and "what's happening everywhere in the country" housing prices-wise. I know folks who moved to Plymouth to a home with similar specs but paid a quarter million in 2017.
Cool. And because I didn't re-finance, I don't have a mortgage any longer. Except I want to upgrade. And had I done that in 2008, I could have afforded it. Now that upgrade is twice as much but my salary has not followed suit. My desire to upgrade went to near zero, already, once I paid it off. But now I couldn't even afford to if I wanted to. I figure I'll downgrade and move near the kids when they're older and take home some cash in the process.
One thing I love about where I live in Michigan, though ... it's rare that a house doesn't have a basement. Even in places you wouldn't expect -- our next-door neighbor on Lake Huron had a full basement with 12ft ceilings (and a hell of a system to keep it bone dry). And newer homes tend to have excellent ones you can make useful -- if not always up-to-code -- living/lab spaces out of. SFBay hacks in their garage. We hack in our basements.
[0] When people say they "Live in Detroit" that's probably where they live. Just like the Detroit Zoo.