Why millennials are flocking to Rust Belt real estate

There are many large homes in the Indian Village section of Detroit that are far more affordable than they would be in the major hot spots of the United States. The Detroit housing market faces changes as it tries to recover. Though there's still thousands of abandoned homes and businesses, there's been a rise in the sale of higher-end homes. There's also been a bit of a resurgence in the Downtown area. 
Micahel S. Williamson | The Washington Post | Getty Images
There are many large homes in the Indian Village section of Detroit that are far more affordable than they would be in the major hot spots of the United States. The Detroit housing market faces changes as it tries to recover. Though there’s still thousands of abandoned homes and businesses, there’s been a rise in the sale of higher-end homes. There’s also been a bit of a resurgence in the Downtown area.

As real estate prices in major U.S. cities continue to soar, some young buyers and renters have decided to take their business elsewhere. They’re investing in homes in such states as Ohio, Michigan and Wisconsin, experts say, in search of more affordable living and new places to plant down roots.

For decades, the part of the U.S. otherwise known as the Rust Belt has been synonymous with hard times for decades, ever since manufacturing bases like Detroit began to suffer the effects of de-industrialization. Plants closed down, jobs disappeared, and once-vibrant cities became symbols of decay.

In recent years, however, the revitalized Rust Belt economy has brought in younger workers, and made the area’s real estate an attractive investment bet. The overwhelming driver of the millennial shift to the region is affordability. However, Constantine Valhouli, Director of Research for the real estate research and analytics firm NeighborhoodX, said that there’s more to it than that.

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