Detroit: From Industrial Motor City to Investors Sitting Pretty
Detroit has long been considered a true Midwestern town with heavy roots in the automobile industry. It's been coined as "Motor City", but for how much longer? Between the ambitious electric vehicle producers and the regulations being imposed on automobile manufacturers to reduce carbon emissions; it's only a matter of time until the city of Detroit transitions to a thriving tech hub. Read on to discover why.
From Rock Bottom to Growing Startup Hub
Just a few years ago, Detroit was one of the few cities to hit rock bottom and file for Chapter 9 bankruptcy in 2013. Everyone thought Detroit was a goner, a lost cause, a city not worth investing in whatsoever. This all changed when billionaire Dan Gilbert decided to not take "no" for an answer and persevered. He personally invested nearly $2,000,000,000 of his own money into revitalization campaigns for the city of Detroit and it has left a noticeable impact. Now several startups are migrating to Detroit due to the low cost of living (especially within real estate), favorable locations in the city to set up shop, and also to absorb what the city has to offer. Detroit is known for being hard-working and possessing a great work ethic, and it shows. There are more startups than ever focusing on Detroit as their headquarters and this will only further accelerate what the city has to offer in the near future.
Technology in the City
When you have an urban environment such as Detroit, there's a large juxtaposition of brand new, sparkly buildings and old, gutted skeletons of what used to be residential neighborhoods. This juxtaposition allows visitors and residents to see a side-by-side comparison of where the city of Detroit has come from and how it can thrive when given the chance to do so. There are many reasons to choose a city such as Detroit for your home, your business, or your vacation. It's really all about making what you have work, and the city of Detroit does just that. The technological advances being made in the business of automotive, FinTech, startups, etc… can all be seen and felt here. It's a beautiful city with an amazing history, so contact us if you'd like to schedule an appointment to see any of our fabulous listings here in the city of Detroit and its surrounding areas.
Suburbs To Keep Housing and Cost of Living Low
As Detroit continues to grow and rebuild so are other communities. The always popular Ann Arbor is seeing new condos and new construction all over. Not to be outdone, the cities of Novi and Northville are also bustling. In fact, whether you're looking at Detroit or it's suburbs, there's really not a bad piece of real estate.