2021 Housing Market Overview
Detroit Real Estate Market 2021
Detroit Real Estate Market Overview
Metro Population: 4.3 M
Median Household Income:$65,000
Median Home Price*:$188,000
Median Monthly Rent*:$1,255
Interested in investing in the Detroit real estate market in 2021? On this page you’ll learn about housing market trends and statistics to help you make that decision.
The largest city in the state of Michigan, Detroit is probably most well known as the city where Henry Ford pioneered the first assembly lines used to manufacture automobiles. Although the Motor City was hit hard by the recession, things are looking way up for this real estate market, in part because of the following three factors:
- Two billionaire families have committed to turning around the blighted city and appear to have succeeded. The downtown area has been totally revitalized and many of the dilapidated foreclosures have been torn down.
- Detroit is home to “The Big 3” major automotive companies in the U.S. and Canada (General Motors, Ford Motor Company, and Chrysler), and the headquarters/major corporate offices of 100 Fortune 500 companies, including: Penske Automotive, Quicken Loans, Kellogg, Whirlpool, and Walmart.
- And yet, prices are still extremely affordable in this area – it’s still possible to purchase fully-renovated, turnkey homes in Detroit for under $100,000.
Detroit Housing Market Trends
Detroit Real Estate Market Trends & Statistics 2021In this section, you’ll learn about the top three factors that make Detroit one of the strongest real estate markets today, including affordable home prices, strong monthly rental income, and equity growth potential. Explore Detroit’s housing market, population, and employment trends in the tabs to learn more.
Major Employers in Detroit
Disclaimer: The information provided on this page is for educational purposes only. RealWealth makes no warranty or representation as to the accuracy, completeness or reliability of this information. Please be advised that this content may contain errors, is subject to revision at all times, and should not be relied upon for any purpose. Under no circumstances shall RealWealth be liable to you or anyone else for damage stemming from the use or misuse of this information.