Home to almost 10 million login hoki222, Michigan is a popular investment spot for several reasons. Its proximity to 4 out of the 5 Great Lakes and unique shape make Michigan one of the famous states in the country. Another major factor is the flourishing car industry in the state, particularly in Detroit, which is the home of about 3.8 million people. Detroit is also known as a manufacturing powerhouse in the US because of some four thousand functional factories on its land, including those owned by giant brands such as Chrysler, Ford & General Motors. Detroit rightly deserves the title of the ‘Motor City’. Apart from this, the city is also a leader of the health care economy in the country.
Michigan’s vast diversity makes it an ideal travel destination for tourists. From hiking in the woods to gambling at the casinos, the state has plenty to offer to its visitors. Detroit’s robust economy also makes it a hot spot for real estate investors, as new jobs and steady wages create a functional space for investing in the city. Even though the financial crunch in 2008 had dampened the state’s economy, the Wolverine State had already made a comeback long ago.
Low cost of living and housing make Michigan appealing to several Millennials. Don’t worry if you don’t have a lot of capital. All you need to do is spend some time researching neighborhoods, and you’ll find Detroit is the place where you should be. Suburbs like Beverly Hills, Franklin, and Birmingham offer a moderate lifestyle, far different from a fast-paced lifestyle of a sprawling metropolis. You can also consider Ann Arbor, Novi, and Troy if you would prefer to invest outside Detroit. The demographical data shows retirees usually choose to settle down in warmer states, whereas, Grosse Pointe Shores and Bingham Farms are quite popular among those who are up for all seasons. Both are small, nearby communities, with negligible crime rate and above-average rental prices.
Though a 1031 exchange offers great benefits to every investor, it entirely depends on the investor’s decision and how they make the most out of their exchange. Other things like property’s location, living condition, job availability, crime rate, etc. play a significant role in shaping up the future of any real estate investment. As a 1031 investor, you would certainly want your replacement property to be in a place that has a low crime rate and excellent opportunities for job-seekers. Michigan is one such place. Plus, the resources this state provides. It’s one of the ideal locations to find a replacement property for your 1031 exchange.