Detroit is a great place to visit or live. Known for its sports, Detroit is home to several professional sports teams, such as the Pistons, Tigers, Lions, and Red Wings. In 2005, the Baseball All-Star game was held in Detroit and in 2006 Detroit will host the Super Bowl. In addition, Detroit holds the North American International Auto Show every year.
Are you thinking about investing in Detroit real estate? Before you do, here are a few things you may want to consider.
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| Population 951,270 | Median Age 30.9 yrs | Household Size: 2.77 |
| Avg Commute: 28.4 min | Avg Income $29,526 | Avg Home Value: $63,600 |
| July High: 84.8°F | January Low: 17.0°F | |
Investing in Detroit Real Estate
Welcome to Detroit, the home of Motown and Henry Ford — the father of the modern car and the driving force behind Detroit’s nickname “The Motor City.” If you are thinking about investing in Detroit, MI, real estate, here are a few things that might help you make your decision.
The current population in Detroit is 840,006, which is down about 11.7 percent since the 2000 census. If you are planning on investing in a house, the total number of housing units in Detroit, according to the 2004 census, is 373,610, and about 82 percent are already occupied housing units, with about 39 percent of the occupants renting the unit. You may also find it interesting to note the median value of a house is around $89,759, which is below the U.S. average of $151,366.
Investing in Detroit real estate is so much more than just numbers. Detroit provides an array of entertainment for residents and visitors, from museums, parks and a slew of ethnic restaurants. If you are an art fan, Detroit celebrates an annual Festival of the Arts. If you like sports, from the Detroit Lions to the Detroit Pistons, Detroit has that arena covered as well. So no matter what your tastes and hobbies, Detroit has something to offer you. There’s no need to fret over whether or not you will have something to do in your free time, the only thing you’ll have to worry about is choosing what you will do.
If you are thinking about relocating or simply investing in a piece of real estate, Detroit is the perfect place to look.
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A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®