Axios Detroit
December 11, 2024
1 big thing: What you need to make to be the 1%
If you want to become the wealthiest of the wealthy, Michigan is a pretty good place to live compared to other states.
Why it matters: Michigan and Detroit leaders have pitched the state and city as more affordable alternatives to the increasingly expensive coasts.
- We wouldn't consider entering the top 1% of households in the state as an attainable goal, but the state-by-state breakout reflects varying incomes across the country.
By the numbers: Michiganders need to make just over $611,500 to be in the top 1% of statewide households, according to IRS data.
- That's compared with nearly $800,000 nationally.
- In four states and D.C., residents need to make seven figures. Michigan, meanwhile, has the 38th highest income needed to breach the 1%.
Reality check: Analyzing the income needed to reach the 1% also draws a line under the ever-pervasive issue of wealth inequality, which has been widening.
- Michigan's median household income was estimated at $68,500 (in 2022 dollars), according to census data, while Detroit's was just under $38,000.
How it works: These figures are based on adjusted gross income reported on tax filings in the 2021 tax year, adjusted to 2024 dollars.
- In Michigan, just over 45,000 tax returns hit that 1% threshold.
Between the lines: The variance between states is tied in part to local economic factors, like job opportunities and wealth concentration.
- Last-place state West Virginia's floor for the 1% may be low at $426,000 — but the total adjusted gross income per tax return there was about $60,300 in 2021, compared to $112,500 for California.
2. What $850,000 can get you in Corktown
If you're looking to move to historic yet ever-changing Corktown and have cash to burn, there are high-end condos with your name on them.
Why it matters: Corktown has seen rent and land value increases skyrocket since the 2018 announcement of Ford's Michigan Central Station revitalization.
- As part of our regular House Hunting feature examining real estate across the city, Axios Detroit will be looking into what various price points can get homebuyers in the desirable greater-downtown neighborhood — pricey, affordable and in-between.
By the numbers: The median home price in Corktown was $585,000 as of October, according to Redfin, up nearly 35% from last year.
- But there's a host of condo offerings above that price point currently on the market. As we look at the breadth of what's available, we're starting on the high end.
What a $850,000 budget can get you in Corktown:
1348 Bagley St., $839,500
Zoom in: One unit remains for purchase in Bagley 10, a "bespoke" condo community that's the first new-build development from Christian Hurttienne Architects. The firm is known for its design work across the city, according to Ryan Cooley, owner of O'Connor Real Estate.
Between the lines: The upper-unit condo has three bedrooms and 2.5 baths, with 2,130 square feet across two floors. Architectural details include a rooftop deck, modern fixtures, custom millwork cabinetry and an open-slatted floating staircase, according to O'Connor's website.
- "The building design is inspired by a walk-up/walk-down rowhouse typology of upper and lower units typical of denser cities like New York and Chicago," according to the Bagley 10 website.
3. The Grapevine: You heard it here
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