Detroit's Resurgence: Projected Increase of 60,000 Residents by 2040

The entire US is facing a residential boom, but nowhere more than Detroit. In the first expected increase since the 1950s, the Motor City is currently trending to add over 60,000 new residents by the year 2040.

A new demographics study, entitled the Southeast Michigan Housing Futures, was conducted by the Urban Institute and released in July of 2017. The study depicts rises in senior-headed households as well as increased and continuing increases in housing challenges.

The study is not the first of its kind. In fact, it joins the long lineage of recent studies indicating Detroit will be ending its multi-decade forfeiture of residents caused by the severe economic downturn the city faced previously.

The reasons for this increase in residential transference are apparent, thanks to these studies.

“It is a reflection of both the improvements we’ve seen in the city and the changing demographic trends,” said Xuan Liu, manager of research and data analysis for the Southeast Michigan Council of Governments.

While the transplants to the city are believed to be strongly Millennials, the study shows the city’s population base will remain at a 65+ age range, as older residents are opting to stay where they are due to low cost of living in the Motor City. This, in addition to the influx of younger residents, is said to be the foundation of the drastic population increase.

According to the study, the Metro Detroit area is on track to gain roughly 380,000 households by 2040, with all counties in the region benefiting from this population increase through 2020-2030.

News Source: http://www.detroitnews.com/story/news/local/detroit-city/2017/07/27/detroit-population-growth/104031902/