Best Places for Real Estate in Michigan

Michigan for some years has been focusing on trying to regain its earlier reputation as a sociocultural hub and an economic heavyweight in the USA. In fact, in this metropolitan area, Detroit used to hold the title of being the automotive manufacturing capital of the world.

While the industries have changed, the economic base of Michigan, mainly consisting of agricultural production, manufacturing, and tourism, has continued to propel the continued prosperity of this state as it makes its economic comeback.

A Case for Investing In Real Estate in Michigan

Despite its challenges, Michigan has still been able to find itself in the middle of the pack when it comes to the ranking of the best states. In terms of affordability, this state is ranked 4th out of 50 states and in terms of housing affordability and metrics for the cost of living it is ranked 5th and 8th best respectively.

When it comes to the quality of life, this state is ranked 29th overall, indicating assessments that are acceptable for the natural and social environment.

For the economic outlook, Michigan is ranked 22nd overall with the employment, business environment, and growth positively rated. Consequently, we take a look at the best places for real estate investment in Michigan.

Detroit

As discussions continue whether or not any person should invest in real estate in Detroit, Scott Adlhoch, a real estate agent, gives reasons why this city is one of the best investment places. First, according to Scott Adlhoch, this famous city has an unemployment rate standing at 4.2%.

Moreover, the steady decline of the area as an economic hub has been arrested with more industries being established in the city and old industries returning to operation. “The result is that people have jobs and families can afford to purchase a home”, Scott Adlhoch said.

The number of people buying homes has continued to rise over successive years and the demand for property has increased. The other reasons supporting the real estate investment viability of this Motor City include:

• An investor is able to qualify for the New Markets Tax Credit which is meant for attracting small businesses to this famous city. With this program, tax credits of as far as 39% of the invested capital are given if you invest in areas that are depressed socioeconomically.

• Top 10 overall job growth in construction.

Grand Rapids

This is Michigan’s second-largest city and it is often listed among the up and coming investment areas to watch. Grand Rapids is nicknamed “Furniture City” for the reason that it is home to numerous furniture manufacturers. “There are many sectors thriving in Grand Rapids such as education, healthcare, grocery, tech, and automotive”, Scott Adlhoch said. According to Scott Adlhoch, with all these different sectors flourishing and companies like Spectrum Health employing thousands of Grand Rapids locals, this is an area preferred by many for living and working.

There are even more efforts to attracting more employers. “The security of Grand Rapids has also improved dramatically because compared with the rest of the USA since there was a time this area had a crime rate that was higher than the country’s average”, Scott Adlhoch said.

Apart from the drastic improvement in security, Scott Adlhoch also agreed with the fact that this area also has plenty of gardens and parks, family-friendly amenities, and numerous local breweries. As well, this area offers sweeping water views since it is situated next to the Grand River. All of these factors have continued to make Grand Rapids attract homebuyers.

Since 2015, there has been an increase in housing demand in this area.

Ann Arbor

Ann Arbor also popularly referred to as “Tree Town”, is an affluent part of the state of Michigan. Most, if not all, of the Ann Arbor neighborhoods, have continued to experience steadily increasing median home sales prices. That means, whether you choose to invest in a more affordable community like Georgetown or a fairly expensive one like Angell, you are still able to make profits when you sell and that is provided you have been able to correctly calculate your numbers.

Another attraction of this area includes a crime rate that is significantly lower compared with the rest of the country. “Finding a real estate deal worthy of your investment is possible almost everywhere in communities such as Warren in Macomb County.

In conclusion, according to Scott Adlhoch, while reality TV shows for real estate are entertaining, their disadvantage is that they are not focused on showing you just how it is critical to find distressed property sellers, which is important for a real estate investment business to be successful. However, for a real estate agent like him, the job is a lot easier because he has access to the most important marketing tools and resources of the real estate industry for reaching distressed Michigan homeowners and motivating them to call him.