Why Home Builders are Returning to Detroit
Who doesn't love a comeback story, especially when it comes to an iconic US city like Detroit? It was known as a thriving auto manufacturing city in the 1900s and the birthplace of Motown music in the 1950s. Detroit has a colorful and prosperous past. As in life, the world keeps changing. After decades of decline, in 2013, this failing metropolis was the largest US city to file bankruptcy. But that wasn't the end of Motor City. It was the start of an unprecedented revitalization.
Detroit isn't just expanding; it's recreating itself. Read on to find out why Detroit home builders are returning. And what's attracting suburban millennials, hard-working entrepreneurs, and Inc. 100 companies alike.
Detroit's Economic Rebound
If you believed the headlines in 2013, the city of Detroit would never pull out of insolvency. It would become a ghost town. The opposite happened with an era of renewed vibrancy.
In a collaborative effort, city and state officials worked to restructure the debt. That gave the city its much-needed relief, and, along with the help of philanthropic leaders, has turned the Detroit metro area into a vibrant and bustling community. Drive down almost any street, and you'll see Detroit home builders busy with new construction.
Here are some highlights of the growth along with some popular things to do in Detroit:
Little Caesars Arena opened in 2017 and became the city’s sports epicenter. It’s home to the Detroit Red Wings for ice hockey and the Detroit Pistons for basketball. It also features year-round entertainment and connected retail shops. Plus, there are upscale offices for top companies like Google.
Other local sports teams include baseball's Detroit Tigers and football's Detroit Lions. So no matter what sport you love, you’ll find it in Detroit.
Midtown Detroit - All along Woodward Avenue, you'll see new businesses. Some of them include the Tin Roof Detroit, Rush Bowls, and the Detroit Medical Center. And with this revitalization comes new construction-related jobs and permanent employment for residents.
Along with the continuous change of the city comes the need for higher education. Wayne State University fills that need. It offers almost 350 programs for graduates and undergraduates.
Detroit’s diversity fosters an active art and cultural community. Residents and visitors enjoy museums, concerts, and outdoor events for every season. In fact, there’s even an ice fishing event for those who don’t mind the freezing temperatures!
And considering that it’s the home of Motown with its rich musical history, this is a perfect town for music buffs.
Cost of Living in Detroit
According to Sperling's Best Places, the cost of living in Detroit is low. Here’s how it compares to the US average and other large cities in Michigan.
- Detroit is 12.4% less expensive than the US average
- Grand Rapids is 23.9% more expensive
- Warren is 5.4% more expensive
- Sterling Heights is 15.8% more expensive
- Lansing is 12.7% more expensive
Low cost of living and appealing Detroit construction costs are two reasons employers are willing to move or expand their current operations. That includes companies like:
- Ford Motor Company
- Tata Technologies
Affordable living, amenities, and fun things to do in Detroit for their employees, make this an appealing location.
But now, with business booming, it's not surprising that rents are on the rise. So it's a good time to look at the option of buying instead of renting. Historically, newly built homes are a good investment because they keep their value. Plus, they're energy-efficient, so utility costs are much lower. In our frigid winters, that will save you lots of money.
Cost of Building in Detroit
One of the major reasons the cost of living in Detroit is lower is because housing is less. With lower Detroit construction costs, new homes are more affordable. Lower building costs and a growing economy attracts Detroit home builders like Pulte Homes.
Getting value for your hard-earned money is important when you’re shopping for a new home builder. So, take into consideration the buying power of large and established builders. That buying power is sometimes referred to as “economies of scale”. When a builder purchases materials in large quantities, they can pass on those savings to you.
Take time and visit the new developments to see what fits into your lifestyle and budget. You can find townhomes and single-family homes ranging from the upper $200s to the $400s. Here are some new communities to check out:
- Orion Township - affordable townhomes starting in the upper $200,000.
- Ann Arbor - from $300,000 to $400,000’s.
- Bloomfield Hills - starting at the upper $300,000’s.
- Novi- new home communities are starting at the upper $300,000s.
We hope you’ve enjoyed this look into the history of Detroit and its exciting future. This vibrant city is here to stay and is getting better every day. To be part of it, visit Pulte Homes in Detroit, Michigan.
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