Now might be the right time to invest in Detroit housing, The Detroit News reports, as the city has avoided inflation seen in other major cities around the country, such as New York City and Miami. Paul Apostolakis, Co-Founder of Omega Lending, states in Detroit News as Metro Detroit loses its reliance on the auto industry, gaines are happening elsewhere.
“These days, Metro Detroit is not as dependent on the auto industry — more residents are working in medical and health care industries, cybersecurity, information technology and agribusiness,” Apostolakis said. “That diversification will help the housing market fare better this time around.”
Additionally, Detroit is seeing home prices increase. Jeanette Schneider, VP of Management Services for RE/MAX of Southeastern Michigan states that “Detroit home values are seeing dramatic increases over last year.”
“During the first half of the year, the median price for a home in the city of Detroit increased more than 20%,” Schneider said. “Driving the increase in home values is the demand for Detroit housing.”
“While some neighborhoods have seen skyrocketing prices, there are still affordable communities that offer the brick homes that people desire at affordable prices,” she added.
Detroit has recently seen significant investment from not only small investors, but large investors as well. Bank of America has announced that it will be investing $3 million in Detroit neighborhoods aimed at helping homeowners and small-business entrepreneurs, as well as another $2.5 million in support of Detroit’s neighborhoods.
“Bank of America is committed to investing in the people, places and projects that move Detroit forward. Our neighborhood strategy is providing support that spurs economic mobility for individuals and families,” said Matt Elliott, Michigan market president at Bank of America. “This foundation grant and the business investments we’ve made to support entrepreneurship, create jobs and make homeownership more attainable are helping to drive economic mobility and strengthen Detroit now and for future generations.”
Home prices in In Detroit