Is Detroit a Real Estate Investment Hub?
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.”