Is Detroit too up and coming?

[Anna_Gallishaw]

My husband and I are currently in Portland, OR. It’s a beautiful city but we’re normal people that don’t work tech jobs and we’re getting priced out very quickly. It’s just too expensive to survive here much longer. We’re looking for somewhere that has a community of younger people who don’t mind working hard to create the area they’re looking for and we’ve heard a lot about how up and coming Detroit is. Now, this all sounds very exciting but it could a) be not at all true or an oversimplification of a complicated situation or b) true, but we heard about it too late. If b, we would just be moving to another version of Portland that we would get priced out of. What are your thoughts? Thanks in advance!

[stathispauls]

Hi Anna,

Thanks for your honest questions regarding Detroit. As someone who has lived in the area my entire life, I can understand how the changes in Detroit seem very exciting from an outside perspective. To give a quick answer to your questions: a) yes, it is an oversimplification of a complicated situation, but don't let that deter you from our amazing city; b) While Detroit is "up and coming", and places like Downtown are quickly becoming vastly overpriced, that doesn't mean there isn't a place for everyone. Detroit is a very, very large city and there's definitely a place for people of various socioeconomic backgrounds to settle in and try to make a positive impact in their neighborhood. But it all depends on what your'e looking for in an urban experience and your comfort level with a city that doesn't necessarily fit the mold of other American cities of its size and nature.

I hope this helps just a bit, and please reach out (I'm not sure exactly how and I'm hesitant to put out personal information on this site. Perhaps you know of a way to communicate?) Detroit is lovely, unique, messy in the best ways, rich in culture, and in my opinion one of the most American experiences you can ever have.

Best,

Stathis

[Jack_Schmier]

Home prices are on the rise here too but there are still a lot of areas to find good deals. And prices start at a way lower level than a city like Portland. I would check out Hazel Park. It's a smaller city on Detroit's border.

Quicken loans is a major developer in Detroit. I know for a fact they are going to be building up certain areas in the next 5 years (until another recession comes along). Personally if I were going to buy a house it would be in a part of the city they are moving in on.

[David_Johson]

Anna,

It's true that Detroit is up and coming. Compared to say 4 years ago when the land bank was selling houses for a dollar you may have heard about it a little late, but your housing budget will get you more here. I saw a 2800sqft house for rent in the city for $1850/mo as one example. That being said, it is very difficult to survive in Detroit without a car and car insurance rates are higher in Michigan than almost anywhere else in the country.

If you like the Portland vibe, you are going to be hard-pressed to recreated that feeling in Detroit. Despite being up and coming, it is still very much a commuter's destination and the number of people out and about is dramatically lower after business hours. I would suggest looking into some of the surrounding communities. Royal Oak, Ferndale or Ypsilanti's Depot Town neighborhood may be more to your liking. I'd recommend considering Ann Arbor too, although you will likely run into some of the similar price constraints. If you do land somewhere out here, the housing market definitely favors buying if you are planning on staying for at least 5 years.

If you have any questions, I'll answer them as best I can.
-David