By the end of 2015, the unemployment rate in Detroit was reduced to a 15-year low, which may coincide with the dramatic increase in Chrysler and Ford vehicle sales reports, which have multiple assembly lines and production plants in the region. Together, Ford and Chrysler employ 70,826 individuals. Simply put, it’s a domino effect. More individuals are able to afford vehicles, increasing the need for production, inevitably by providing more employment opportunities in the city. According to data from the United States Department of Labor, the city of Detroit and surrounding suburbs saw an increase in more than 45,000 jobs between 2014 and 2015. It is clear that business is booming in the city, new small businesses are opening its doors to customers every day, most of them offering niche items, and appealing to areas of the city that service. The healthcare industry is also a major employer at Metro Detroit, providing revenue to more than 50,000 employees.
The city of Detroit has gone through a roller coaster in recent years, but judging by the strong employment growth and the decrease in the vacancy in the neighborhood, the future is very promising. With a lower-than-average entry price in homes, and the high demand for rent throughout the city, Metro Detroit’s real estate investment market has become a haven for investors looking to make it big. New businesses, revitalized neighborhoods, and the history of a tough city that never gives up are just a few reasons to look into Detroit’s potential.
What is fueling the resurgence of the Detroit real estate market? After years of bankruptcy and dilapidation, the Detroit real estate market is bouncing back, and young professionals are an important part of the resurgence. Detroit’s Midtown and Downtown neighborhoods in particular are regaining their vitality and experiencing a growth in property values. The average price of Detroit homes reached an eight-year high of $ 165,000 in May 2016. Many buyers are moving to Detroit, especially within the Midtown and Downtown districts, which is causing prices to rise from their record lows. In addition, as Detroit is becoming a more desirable place for life, low inventory and increased demand are driving prices up.