Detroit, MI, is a tight-knit, friendly community rapidly taking steps to welcome new residents. Detroit is known as the Motor City (or Motown), derived after Henry Ford, who made his first mass-produced car in the city.
As time went on, Detroit became known for its auto industry and its vast economy. But, even with a booming economy, the best part of this city is that it has affordable real estate that you can compare across Michigan. It is also known as one of the most populated cities in the Midwest. With that said, Detroit is amazingly one of the best cities to invest in real estate. Here's why:
Quick Facts:
- Detroit, Michigan, is considered one of the biggest cities in the Midwest with 639,111 current population.
- With 6% lower than the average cost of living in the US, it is affordable.
- The median list price is $79,900, which is generally lower than average for Michigan.
- Detroit also has an unemployment rate of 8.40% at the moment.
Detroit, MI in a Nutshell
As mentioned above, Detroit, Michigan, has a comparably low cost of living and even real estate to begin with. This is an excellent opportunity for people looking to start a new life in the state and for those who want to invest in real estate. Here are some reasons why you should choose Detroit as your next home.
Economy
Currently, the pandemic has struck Detroit's economy, leading to many people losing their job. This has been a struggle for both young and old alike. That being said, the economy is beginning to turn around, with a surge in new jobs coming about just in the past year. One of the main reasons why the economy is starting to turn around is definitely because of all the new businesses and housing projects that are currently taking place in the city.
Interstate System
Detroit, Michigan, is mainly built around its interstate system, which makes transportation a breeze. The major interstates that run through the city and surrounding area are I-75, I-94, and finally, I-96. This gives residents a wide range of choices when it comes to commuting.
Housing & Employment
Detroit has a high unemployment rate, but that doesn't mean new businesses aren't coming to the city. In fact, there are currently major housing projects in the area. Other than that, Detroit is slowly overcoming the effect of the global pandemic this year, which will continue to grow as time goes on.
Real Estate in Detroit, MI
The real estate market in Detroit, Michigan, is currently looking good. Over the past years, the housing market has decreased, but it's finally starting to go up again. Sure, some major projects have taken place in this city, but many other projects will take place in the years to come. This makes it an excellent time to invest in real estate in the city.
Final Thoughts
Recently, Detroit has had a notable increase in the real estate market. This can be a significant opportunity to invest in real estate. Also, the average home price is relatively low, making it the best time for you to buy. The real estate market in Detroit is increasing, but only time will tell what the future has for this great city.
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