The largest city in the state of Michigan, Detroit is probably known as the city where Henry Ford pioneered the first production lines used to make cars. Although the motor city has been hit hard by the recession, things are looking up across this real estate market, in part because of the following three factors:
Two families of billionaires have pledged to make the city a success and seem to be succeeding. The downtown area has been completely revitalized and many of the foreclosed properties have been renovated.
Detroit is home to the big car companies Big 3 in the US and Canada (General Motors, Ford Motor and Chrysler), and the headquarters / corporate offices of 100 Fortune 500 companies including: Penske Automotive, Quicken Loans, Kellogg, Walmart Whirlpool.
Still, prices are still very reasonable in this area - you can still buy renovated and luxurious homes in Detroit for around $ 80,000 (up to $ 50,000 in some cases).