Following periods of economic challenges, Detroit looks forward to a brighter future. Tech giants such as Microsoft and Google have opened offices, and investors are making use of the opportunity to purchase rental properties at an attractive rate.
44% of Detroit households are rental-occupied, with rents increasing 25% in the last three years.
For our recent investment property search, we examined neighborhoods in Detroit.
Why Invest In Detroit?
There are several reasons to think about investment in Detroit this year, including low housing costs, increasing home values and rental rates, and a high proportion of renter-occupied houses.
According to Zillow, the expected value of a mid-range property in Detroit climbed by roughly 34% over the previous year (through Dec. 2021). Realtor.com reports that the availability of homes for sale in Detroit is higher than the demand, resulting in a possible window of opportunity for investors to purchase real estate there.
7 Great Areas In Detroit For Investment Properties
The following list of seven Detroit areas is intended for potential investors. The neighborhood-level data is sourced from Realtor.com, Niche.com, and Redfin based on December 2021 data.
Morningside
Located just east of Chandler Park, Morningside is bounded by I-94 to the north and Mack Avenue to the south. There are many parks in the area, so the location has a pleasant urban feel without being too crowded.
Bagley
Detroit’s Bagley neighborhood is situated between Palmer Park and the Detroit Medical Center Sinai-Grace Hospital, nearly south of Eight Mile Road (SR 102). The area has a spatial suburban atmosphere.
Warrendale
A suburb called Warrendale lies west of Downtown Detroit, not far from the Henry Ford Museum of American Innovation. Many parks in the area give the area a suburban feel.
Greenfield
Greenfield is situated northwest of Downtown Detroit, bounded by the John C. Lodge Freeway on the east as well as Eight Mile Road on the north. Several parks are located in the neighborhood, giving it a suburban feel.
Cornerstone Village
In Detroit, the Cornerstone Village area is situated south of the junction of I-94 and Moross Road, slightly east of the Morningside neighborhood. There is a quiet suburban feel to the area.
Brush Park
One of the best neighborhoods to reside in Michigan is the Brush Park neighborhood of Detroit, which is situated just north of the Financial District in Downtown Detroit. The area is full of socially engaged workers and has an urban vibe due to its abundance of bars, restaurants, coffee shops, and parks.
Corktown
Corktown is situated on the west bank of the Detroit River, close to the Financial District. Thanks to its many bars and restaurants, you can find an urban atmosphere in the area.
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