If you’re looking to invest in the real estate market, Michigan is actually the perfect spot to do so, according to a new study. In fact, Michigan has the second best city for real estate investment in the entire U.S. How’s that for bragging rights?
Policygenius, an online insurance marketplace, has put together a list of the top places real estate investors should seek because of their great climates for investors. To put together the study, they used information from Zillow and the U.S. Census Bureau to analyze the top-600 metropolitan areas using six metrics to determine the most attractive cities to invest in. Categories included home value, home value appreciation, effective property tax rate, rent to home value ratio, rental vacancy rate and rent to income ratio.
So, what Michigan city is on top? Detroit, Michigan, was ranked the No. 2 best city for real estate investment in the whole country. It was only behind Youngstown, Ohio, on the list.
Detroit has a population of just under 640,000 inhabitants and a metro area that is home to approximately 4.3 million people, according to the report. Other attractive aspects of Detroit is that it’s home to the “Big Three” American auto companies, plus Quicken Loans, Ally Financial and DTE Energy. According to the report, Detroit offers low home prices and very high home value appreciation, which make it a no-brainer for getting in on the ground floor of this exciting American success story.” For the full list, go here.