Tips on buying a new Condo &Amp; Townhome home in Detroit, MI
Detroit, MI - New Home Market Profile
Michigan's largest city, the "Motor City" has a lot more to offer than just automobiles. Detroit thrives with music entertainment, casinos, business, technology, contemporary architecture, and sports. Many major corporations do business in Detroit, including Compuware, Little Caesars, Deloitte Touche, and KPMG. The views to and from downtown are magnificent, displaying a variety of architectural styles of both old and new. Surrounding the downtown area are historically established neighborhoods which contribute significantly to the city's culture and quality of life. In particular, Palmer Woods and Rosedale Park are well established neighborhoods with beautiful brick architecture and large, open lots.
Among the many things to enjoy in the city is the Eastern Market, featuring more than 150 farmer's food markets and specialty business, the Detroit Zoo, the Detroit River Walk, and Greektown, which is a popular restaurant and entertainment hub featuring authentic Greek cuisine and one of the city's three casinos, Greektown Casino. Wayne County MetroParks offers a variety of indoor and outdoor recreational activities for locals. There are also many areas for biking, hiking, water sports, fishing, and hunting for the outdoor enthusiast.
Population (year 2000): 951,270
Estimated median household income in 2005: $28,069 (it was $29,526 in 2000)
Climate: Detroit and the rest of southeastern Michigan have a continental climate, which is influenced by the Great Lakes. Winters are cold with moderate snowfall.
Michigan Real Estate Zindex (Provided By Zillow.com):
- Michigan: $120,436
- United States: $254,569
Most common industries for males:
- Transportation equipment (13%)
- Construction (9%)
- Administrative and support and waste management services (7%)
- Accommodation and food services (7%)
- Health care (6%)
- Educational services (6%)
- Public administration (4%)
Most common industries for females:
- Health care (21%)
- Educational services (9%)
- Accommodation and food services (8%)
- Administrative and support and waste management services (6%)
- Transportation equipment (6%)
- Finance and insurance (6%)
- Public administration (6%)
Buying New Makes Sense
One quick glance at today's headlines, and it's no wonder that, as concerned consumers, we're pinching pennies more than ever. In a recent survey conducted by HSBC Bank USA, 64 percent of us plan to cut unnecessary spending this year. And, in a similar survey by Discover Financial Services, about half of consumers plan to cut down on such non-essential spending as dinners out and movies - even remodeling.
Still, when it comes to buying a house - something that many consumers are doing because of the many good deals to be had in a slow market - most of us prefer new. Even better, buying a new home also makes good financial sense. New homes offer countless advantages for consumers when it comes to saving money. Perhaps the biggest plus is that, since they're brand-new, the maintenance headaches that often accompany maintenance - as with older homes - simply don?t exist, and won't for a while.
New homes also use the latest in whole-house systems, like heating and air conditioning, so they're not likely to break down, saving consumers money. They're also more energy-efficient, which is also good for saving lots of green. Speaking of green, with interest rates that aren?t too far away from historic lows (just over 6 percent for a 30-year fixed mortgage as of March 11), consumers can also save money on new home mortgages. And, since mortgage interest and real estate taxes are deductible, it's another way to save money by buying a new home, especially when it comes to tax time.
Click here to read more about "Why You Should Buy New".