Thinking about investing in real estate? Perhaps, this article might interest you to invest in Detroit. We have listed the top 4 reasons why the Detroit real estate market is worth investing.
Reason #1: Property values have increased.
It seems that the property revival in Detroit is finally happening, and it looks like there is not stopping. Despite everything, comparing the city of Detroit to the rest of the US markets and properties, it is still within the affordable range. Both the job availability and affordable rental housing, which are the two factors that keep the employees moving into the city, they simple solidifying the demand and increasing the opportunities for appreciation on property values.
A report was made from the SmartAsset.com, which made a comparison of the increasing home values from the largest cities in the US and Detroit seemed to be on the top of the list.
Reason #2: The growing rental market.
Since we mentioned two crucial factors for increased job opportunities namely, rental demain has risen and the increase in population. Companies like Ford and JP Morgan, these two had committed huge amounts in infrastructure and investment projects in the city. With that, it seems that the rental prices would continue to increase. This data is further supported by the fact that the metro area of Detroit has experienced an annual increase in the employment monthly since the month of June 2010.
Reason #3: Infrastructure and city improvements
The local government of Detroit also played an important part in the recovery of the city – focusing on its improvements from the city to the suburbs in order to boost growth and prosperity. The development of green zones and parks have made things more appealing along with their focus on the educational system and improvement of the higher education campuses like the Wayne State University and the University of Detroit Mercy. Detroit is the largest school district in all of Michigan and continues to grow with over 70,000 public school student and more than 60,000 charter school students.
Reason #4: Future prospects
Not only is Detroit a great place for real estate right now, but it seems that the future looks promising and moving in a positive direction. When Realtor.com released their list of the hottest property markets in the whole of US, Detroit made its place in the top 20. According to Zillow, while the house prices continued to grow since the year 2011, it still has a long way off their historic norms, which leaves more space for growth and the possibility for the appreciation of properties to continue for quite some time.
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Based on the studies and current situation of Detroit’s real estate market – even with rows of abandoned and boarded homes under foreclosure, it seems that this is no longer relevant. Things are turning up on the positive direction and trying to put itself back on the map – during the Motor City glory days.