Is Detroit a Real Estate Investment Hub?
According to the Forbes Real Estate Council, yes, Detroit is an American hub for real estate investing. On October 26, 10 members of the Council “shared[d] their insider secrets” on “unconventional signs that a region or city is about to become a great place to invest in real estate” — and all signs point to The D. Below, we dissect.
Millennials Moving In
While millennials often have lower disposable incomes, they definitely love coffee, food and fun boutiques. Cheaper rents and walkability will bring them to a neighborhood initially, and the retail usually follows — increasing the “hipness” of the neighborhood along with the property values. – Lisa Fettner, ReferralExchangeA recent LinkedIn survey revealed that millennial interest in mid-size cities has grown 25% faster than interest in larger cities, with Detroit at #3 nationwide. Fueling their interest are the City’s 44,000+ jobs in the internet technology, marketing, advertising and automotive industries. Indeed, in an Op-Ed this summer, Techstars Managing Director Ted Serbinski, an ex-Silicon Valley entrepreneur and startup investor now living in Detroit, called Detroit the next Silicon Valley. And he isn’t alone. “There’s an infusion of young, civic-minded strivers. Innovators. Disrupters. Dreamers. Risk-takers. Consensus builders,” says Ron Fournier, former AP Washington bureau chief. Elite Daily, the preferred platform for today’s hottest issues and trending topics, has called Detroit a “millennial paradise.”