What could a road trip from Florida to Michigan show you about the real estate market and housing?
They say “all real estate is local,” but it is valuable to get a big picture view when thinking about housing, where to live, and where to invest. It’s easy to get distracted by short term blips, and the media proclaiming the fashionable status of exotic locations. So what insights might you get from a day’s drive across multiple states?
America’s property prices are incredibly diverse. And they can be incredibly quirky. You might expect oceanfront property in Florida to me more expensive than in some smaller urban or suburban midwest cities. But the difference in what you get for your money can be extreme. Then there are many inland places in between which can be very pricey for what you get. It’s worth getting this big picture of value to put it all in perspective.
People Live In All Kinds of Places
Driving from Detroit to Miami you’ll pass through endless towns and cities. It can be mind boggling that some people choose to pay so much to live in some of these places. Detroit has culture, history and affordable housing. Miami has sun and insanely expensive condos. But so many millions of people live in between without any of these benefits. So why not keep rebuilding Detroit? It offers so many great benefits compared to most of the country.
Cars are Still Needed
The idea of smart cities driven by public transport, walking, and 100% clean energy is great. It is even happening in some places. Yet, there are so many millions of Americans and American businesses reliant on automobiles that they aren’t going to disappear anytime soon. So sure Michigan has seen a big correction in how much it relies on the auto industry, but that is probably healthy in the long term. Providing we keep innovating and help fuel sustainable change we’ll still have a key role in this, and jobs.
Home is Where You Make it
Home is where the heart is. But that is also where you make it. Many entrepreneurs have come back to SE Michigan, and many millennials are eager to return to their roots to be a part of the rebuilding and rise of the new Detroit.
If you have extra money each month from having low house payments you can travel and see it all, and experience more of what the world has to offer. Otherwise if you are chained to your home because you can’t afford to do anything but pay the mortgage life just isn’t as fulfilling. With Michigan’s incredibly affordable housing, more may soon find this their best bet for a new home and living the life they really crave.