Is Detroit a Good Real Estate Investment Market?
Image Credit – Pure Michigan
Are you searching for potential cities to invest in the United States and are wondering if Detroit is a good city for real estate investment?
This question is without a doubt understandable to ask but the answer is yes, Detroit is a good market for real estate investment especially for the following reasons:
Reason #1 – Affordability
As of November 2018, the median home price for a home in Detroit is just $60,000. That’s it! When compared with other big cities like New York, Chicago, Los Angeles or San Francisco, the affordability of the Detroit real estate market is without a doubt unbeatable.
Reason #2 – Revitalization
After years of decline following the 2008 financial crisis, Detroit is coming back fast as the entire city is seemingly being renovated. We’re seeing many old buildings restored to their former glories and used for new businesses.
When you combine the elements of classic architecture with affordability and the convenience of a downtown infrastructure it’s easy to see why companies like Google are opening offices here.
Reason #3 – Cash Flow
The rent-to-value ratio in Detroit is incredible. Recent data has shown that the city has the second highest rent to value ratio in the United States, so you can have every bit of confidence that Detroit is the right city for you to invest in.
Reason #4 – Job Growth
A number of large corporations already have their presence in Detroit and many more businesses are being attracted to the city owing to its fast growth. This growth directly translates to increased jobs in the city, which also means more demand of residential properties.
Detroit real estate market is also a prospect for entrepreneurs who are looking for affordable rents and properties in growing markets.
Learn More About Investing in Detroit
Are you interested in learning more about Detroit Michigan real estate? Contact Strategy Properties today by calling us at (734) 224-5454 or connect with us online strategyproperties.com