Thinking about moving to Detroit for a good job.
Hello, Fellow BPers,
I am reaching because I am pursuing a pretty exciting oportunity with a major US Bank in Detroit. I worked for this company before and have faith in their payscale, corporate leadership, etc. My "investing" question comes to anyone who might be living in the area. The following are neighborhood we're looking at buying in (primary resident) in the $180,000 - $240,000 range:
University District, Pembrooke, North Rosedale Park, Old Redford, Greenfield, Ferndale, Boston-Edison West, Grosse Pointe Park, East English Village, Morningside, Rosa Parks, Jefferson Chalmers
Does anyone have any thoughts or insights on those areas? Also, in our research, it looks like car insurance, city/state tax, and heating an older home in the winter are costs that we really have to consider when making the move. I anticipate the job to pay in the $85,000 to $100,000 range plus semi-annual bonuses in the $5k - $10k range each. It looks like city/state tax will run us about $7k/year on that income. We drive paid for 2007 vehicles but I've heard horror stories about car insurance being $10k/year!
While there we'd also like to look at putting an old $73k IRA into action investing in the city via sf and mf rentals. To me, when you invest in the real estate of a market, you are investing in the infrastructure of the city to keep gaining value and growing for the long haul. I've read enough conflicting evidence about Detroit that investing there feels like speculating. For people investing AND/OR living there, what are your thoughts on this topic?
Thank for reading through this long post. I look forward to reading responses!