Your Home Buying Guide to Detroit, MI
Hunting for the perfect home in Michigan? You may want to consider looking in Detroit.
As a large city, Detroit has much to offer its residents by way of entertainment, without the high mortgage payments that accompany homes in similar cities. Intrigued? Read on to find out more about the Motor City.
Perhaps the most well-known feature of Detroit is its access to the Detroit River. You can take a cruise on the sapphire waters or visit the beautiful parks that run alongside.
If you’re in the mood for something inland, Detroit has other great places to visit:
- Detroit Opera House
- Greektown Casino
- Ford Field
- Adventure Bay Family Water Park
- Museum of Contemporary Art
There are dozens of options within city limits, so every weekend can be a different experience.
The population is fairly young, with most residents falling under the age of 55. Married couples are in the minority, although families with children make up nearly half of the residents.
Nearly 80 percent of the population identifies as African-American, and there are significant Hispanic and white communities as well. The overwhelming majority of residents speak English.
Cost of Living
Detroit’s cost of living is quite favorable compared to the rest of the U.S. This includes expenses in goods and services, healthcare and groceries.
Housing is also incredibly cheap, being 61 percent lower than the national average. In fact, the median home value of Detroit is $48,188, which is a fraction of housing costs in other cities of comparative size.
Home vacancy rates are nearly 30 percent, which means a good market for buyers. The majority of houses are 3-bedroom structures, although 2-bedroom and 4-bedroom homes make up 26.6 percent and 11.2 percent of the market, respectively.
Detroit, MI, has many opportunities for homebuyers looking to stretch their dollars. If you’re interested in an urban area, this glittering city on the river may just check all your boxes.