Detroit Real Estate Facts and Ideas

Detroit is the most populous city in Michigan and is named after the Detroit River. The Metropolitan Area of Detroit or Detroit Metro has a population of around 4.5 million. It is also the largest city on the US-Canada border.

Also known as the Motor City, there are some interesting facts about Detroit that you might want to know. Read on.

About the City

• It is in Detroit that Henry Ford pioneered the first assembly lines to manufacture automobiles. Rightly called the “Motor City”, Detroit is the headquarters of the three big American automobile manufacturers – Ford, General Motors and Chrysler.
• Detroit also hosst the major corporate offices of some of the best Fortune 500 companies, viz., Kellog, Whirlpool, Walmart, Quicken Loans, Compuware and Shinola.
• Detroit is connected to the Canadian city Windsor by Ambassador Bridge, which is the busiest international border crossing in the continent of North America.
• It was the capital city of Michigan State from 1805 to 1847.
• Detroit has been under the colonial rules of French and British.
• The median household income of Detroit is $53,628 and has a comparatively low unemployment rate of 5.6%.
• The city has good scope for both primary and higher education, as well as employment.

Architecture in Detroit

As with the influence of the French and British, Detroit is an inventory of some brilliant architectural types. Styles ranging from Victorian to Gothic, as well as modern architecture span the city of Detroit. The city is most well known for its Art Deco style historic skyscrapers. Some notable architectural marvels in Detroit are listed below.

The Guardian Building

Also known as the “Cathedral of Finance”, this structure is heavily influenced by the Mayan style of architecture. Art Deco style is also evident here.

Penobscot Building

Once the eighth tallest building in the world, this 47-storey architectural marvel is one of the best examples of the famous Art Deco style.

Guardian Building

It is located in Griswold Street and the exterior is done with ornamental limestone and terra cota.

Renaissance Center

The most famous structure is the best example of art deco architecture in Detroit. It is a group of seven interconnected skyscrapers located on the International Riverfront. It is so huge that it actually has its own zip code!

Other notable structures include the Fisher Building, David Scott Building, the Detroit Institute of Arts, the Fox Theatre and the Waterboard Building.

Real Estate Facts and Trends in Detroit

• The median home price in Detroit is around $70k, making this city one of the most affordable metros in the country.
• The median monthly rent is around $825 in Detroit, while the Detroit Metro has a higher median rent of $1,100.
• Some of the best neighborhoods in Detroit are the Riverside, Wayne State, Woodbridge, Boston Edison and Elmwood Park.
• Detroit has one of the most unequal housing markets in the States. This means that all income groups can buy one home for themselves, according to the price bracket.
• Several houses and buildings remain unoccupied in Detroit, which are currently being demolished by the city. Steps have been taken to revitalize Detroit neighborhoods as well.

Real estate prices have been increasing since 2017, along with a rise in population. It might be the best time to invest in the Detroit real estate as the prices will only increase henceforth, coupled with its booming job market and tourism industry.