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Is Detroit The Best City in the USA today For Property Investment
The economic downturn effected the USA very hard and most cities are just starting to recover. While the housing bubble had a negative effect on the real estate market, it also affected the American economy. However, some places are starting to improve their situation and especially the city of Detroit. The fact that GM has decided to manufacture the GM Volt in Detroit has contributed towards the city’s fortunes.
Other factories have located or reopened in Detroit and jobs are not as hard to find as they once were. In fact, 5% of all new manufacturing jobs in America came from Detroit. Michigan University predicts that 20,000 jobs will be added to the state’s labor market in 2011 and that a further 26,000 jobs will be added in the service sector.
While job prospects in Detroit are definitely increasing, the Detroit property market is still down and out. In fact, the value of property in Detroit is bottomed out. This provides a perfect opportunity for a person who is looking for a home to buy. Detroit not only offers many job prospects but also housing.
Everyone wants to live in a nice home. However, either the majority of people cannot afford to buy the home of their dreams or they discover that the home of their dreams is situated in a city with few to no job prospects. Detroit is in a great position in that it has a growing job market as well as very low cost homes.
There are many condos and houses in Detroit that are available for available $60,000. those that are seeking a affordable place to live in Detroit would benefit from looking in in Wayne, Tuscola or the City of Detroit itself. The city of Detroit has very low cost housing; however, this is the only part of Detroit where the value of real estate is increasing, so those interested in Detroit investment property should make a move sooner rather than later.
Whether a person wants to buy an investment property or simply buy a home for the family, Detroit is one of the best cities to buy real estate at the moment.
A person should take advantage of the fact that America, as a whole, has not come out of the economic downturn. The Federal Reserve is keeping mortgage interest rates at low until the economy makes a full recovery. Many analysts are anticipating an economic recovery in late 2011; once the economy is on the upswing, interest rates on mortgage loans will go up again. If you are seeking affordable housing in a prosperous city then consideration of the Detroit property market is a must.
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