market drivers

 

Second highest rent-to-value ratio in the U.S. at just over 8.5% 

Low entrance requirement  - single family homes for $65,000 USD and duplex for $95,000 USD

Low housing supply and low vacancy rates - multi-family vacancy are below 5%

As of 2016, renters outnumber homeowners in Detroit at 52%

For 2017, Detroit identified as having the 3rd highest appreciation in the US at 20.6% year-over-year 

For April 2018, prices continue to rise, with average sales price for single family homes up 8.7% from March 2017

City of Detroit actively involved in demolishing thousands of blighted or deteriorated homes 

Demolition in target areas is estimated to have increased surrounding home values by an approximate 4.2%

Home equity impact of all demolition activity has been calculated at $209 million


Video Credits Yahoo News