Detroit is the largest city in Michigan state and one of the most important cities for research and development in manufacture in the US, drawing over half a million high tech workers, the 4th highest figure in the US, including the 70,000 in the motor vehicle industry.
However, despite the continued government investment in the city’s economy and infrastructure, a shift in urban sprawl to the suburbs and the subsequent housing crash has left the metro Detroit area with a lack of good quality affordable homes.
The Detroit property market is now coming back with the help of the Department of Housing and Urban Development scheme (HUD), plus a collaboration of city officials, business people, politicians and property investors. President Barack Obama has himself stated his support for the regeneration of Detroit in the American Recovery and Reinvestment Act 2009.
Real estate and professional investors can now benefit from an ethical investment that recycles houses, turning foreclosed and uninhabitable properties back into homes for the employed, low-income bracket.
At the moment the City of Detroit has a waiting list of more than 9,200 pre-approved families.
Detroit investment property is a very popular topic right now as many clever investors are taking advantage of the very low property prices and excellent rental opportunities backed by the US government HUD programme.
The properties available are currently 40% below market value and can generate rental income of 20%+ per year..
For further information and to look at a selection of properties being refurbished here is a Detroit investment property video on YouTube which illustrates a story board of a company visiting Detroit and assessing potential properties to refurbish and rent out to the HUD programme.
