Real estate can be lucrative when the right circumstances are met. Finding these proper circumstances needs enough research, time, and effort and patience for sure. While some areas of the housing market may take a little more energy to find the right property, other markets are just ripe with hot investments.
One of the most rewarding investment markets in the US is the Detroit Metro area.
Detroit has long been known as the automotive capital of the world. It is still home to General Motors, Ford Motor Company, and Chrysler. It is also home to over 100 different Fortune 500 companies such as Penske Automotive, Quicken Loans, Kellogg, Whirlpool, and Wal-Mart. Detroit proved to have a vibrant corporate district with a flourishing job market. The compilation of giant companies in one city have been drawing in new residents from across the nation for years.
As job markets indicate positive signals and people begin to relocate for work, rental demands have boomed which automatically leads to increasing home values and growth across the board.
What makes Detroit an attractive investment spot?
A firm business structure always brings a strong job market.
While moving to Detroit is rewarding for businesses, it can also be beneficial for individuals as well. Personal income tax in the Metro area is also the lowest in the nation, coming in at only four and half percent. Besides lower income taxes and a stronger economic business model, Detroit is one of the lowest cost of living rates in the entire Midwest.
The household income in the Detroit Metro area is averaging at just over $50,000. With cost of living so low in the area, it allows small families to live comfortably.
Each investment contributes to the Detroit market by increasing the number of available jobs on the market, beautifying the city, and cracking down on law-violations. These, in turn, increase property values and appeal to residential transplants.
With extremely low entry level costs and a high and fast return on investment, Detroit is beginning to draw in investors from across the globe.
Whether investing in real estate is brand new to you, or if this is your third or fourth property, you still are familiar with the overwhelming feeling that you get when you are asked to put 20% down on the property of your choice. This initial investment can feel almost impossible at first but knowing these few tips you can start the New Year off right.
The benefits are many once you have made the initial step in the investment real estate world, and with the expert guidance of your property managers, this impossible task will soon be the highlight of your year when you see how it can pay off.
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