Oakland County, Michigan is attracting more attention and investment. What’s the draw? What does it mean for the local real estate market?
More businesses, investments, and life is coming to this area. There are a number of factors in play helping to fuel this trend. This could also prove to be very good for the local real estate market.
Private businesses invested $810 million in Oakland County last year. Almost half of that investment came from international companies and investors. Together this group created 6,400 new and retained jobs last year alone. This investment from Ireland, Germany, Mexico, and Canada flowed into Rochester and Auburn Hills. There are now 1,050 global firms with offices in the county, representing investment from at least 39 countries. More than $2.3 billion has been invested in development over the past 3 years.
Rochester in particular is doing very well. The latest rankings from Wallethub have named it the Best to Raise Families out of all MI cities evaluated.
Between increased visibility, economic traction, new jobs, new innovation, a reviving auto industry, and over-spill from Detroit, Oakland County, and Rochester ought to continue to do very well. Expect to see more of this type of growth and attention over the next few years.
This is all great for the local real estate market as well. Detroit may be more famous, but despite the recent surge in returning residents and entrepreneurs working to make the city great again, many are still wary of living and investing there. In contrast, Rochester and the surrounding area is definitely more suburban and offers a better quality of life for families.
This could make it a great time for home sellers, buyers, and real estate investors to act. The next couple of years should prove very lucrative for MI real estate professionals as well. At least those who position themselves to serve these groups well.