3Detroit, Michigan, USA
Detroit, Michigan, has faced decades of economic hardship and population decline, leading to a surplus of abandoned homes across the city. In an effort to rejuvenate neighborhoods and encourage homeownership, the Detroit Land Bank Authority (DLBA) launched the Building Detroit auction, where homes are sold for as little as $1.
The program is aimed at bringing new life to Detroit’s struggling neighborhoods by encouraging residents to invest in these vacant properties. Buyers are required to renovate the homes and bring them up to code within six months to a year. In return, they get access to affordable housing, often located in once-thriving neighborhoods that are ripe for revitalization.
While many of the homes sold through this initiative are in disrepair and require significant investment to restore, the program has attracted both local and international buyers. With Detroit experiencing a gradual resurgence, investing in a $1 house could provide an opportunity for those looking to become part of the city’s ongoing revival.
