Detroit / Michigan
Detroit is the largest city in the state of Michigan, with 713,000 residents. Its metro area is the second largest in the Midwest (after Chicago) and has more than 4 million inhabitants. The city borders Canada to the north and Lake St. Clair to the west.
Economy - Detroit has become known as the city of cars known in the US and possibly in the world Even in the era of Henry Ford and General Motors, it was indeed hit hard in the recent crisis. However, in recent years she is Records many market increases over the years In all areas and also in the field of real estate, where "reality" can still be found, And recently A lot of money was invested in its downtown area which developed it and caused the value to increase.
The three largest automakers in North America are still located there and provide a lot of employment. General Motors, Chrysler and Ford. In addition, there are huge corporations that provide a lot of employment in the area and include Walmart, Penske Automotive, Quicken Loans, Kellogg, Whirlpool, a large hospital and the University of Michigan known as Ann Arbor.
Also, the city has a successful casino that attracts a lot of tourism from all over the region and 4 large teams in basketball, football, hockey and baseball.
Real Estate Data - The average home in Detroit sells for $ 48.6 thousand and the average rent is $ 1,037 a month. And high demand from tenants). Most of the market is from detached houses (65%).
In the past year, the market has risen by about 22.7% and according to forecasts is expected to rise this year by another 7%. (Nice figure, since the market has not yet reached the pre-crisis price level). About 88% of the apartments were built before 1969. In addition, according to various indices, the market is defined as very healthy.
The great potential is embodied in the fact that house prices are still cheap, and possible Buy a completely renovated apartment in Detroit at prices around $ 80,000 and even as low as $ 50,000 in various cases.
The city allows investors buying opportunities and can provide returns like 1.3% per month (close to 14% per year) These positive indicators bring many investors who are interested in good cash flow, inexpensive market and value increase.
