Michigan Real Estate – Why should you do a 1031 exchange in Michigan?
With almost 10 million inhabitants, Michigan is popular for several reasons. Its nearness to 4 out of the 5 Great Lakes and unique shape, make Michigan one of the famous states in the country. Not to mention, the dominance of the car industry in the state, particularly in Detroit which is the home of almost 3.8 million people. Detroit is known as a manufacturing powerhouse in the US because of some reasons. With over four thousand factories functioning on its land, including those owned by giants such as Chrysler, Ford & General Motors, Detroit deserves the title of the ‘Motor City’. Besides, the city is also a leader of the health care economy in the country. Not only these, real estate investors have several benefits of doing 1031 exchange in Michigan.
What Michigan has for visitors and real estate investors?
Michigan’s diversity is what makes it a center of attraction for tourists. From lounging by the lakes to gambling at the casinos, the state has everything to keep visitors busy. Detroit’s strong economy also makes it a hot spot for real estate investors, as new jobs and steady wages create a good space for investing in the city. Though the financial crunch in 2008 had crumbled the state’s economy, the Wolverine State has had already made a comeback long ago.
What are the Best Markets to Invest in Michigan
Low living expenses and housing costs make Michigan appealing to many Millennials. If you don’t have a lot of capital but are willing to invest some time researching neighborhoods, Detroit is the place where you should be. Suburbs like Beverly Hills, Franklin, and Birmingham offer a moderate lifestyle, much different from fast-paced lifestyle that’s typically associated with cities. You can also take Ann Arbor, Novi, and Troy into consideration would you prefer purchasing outside Detroit. Retirees usually prefer to live in warmer states, whereas, Grosse Pointe Shores and Bingham Farms are quite popular among those who are up for all seasons. Both are small, nearby communities, with little-to-no crime and above-average rental prices.
Perfect opportunity for 1031 investors
Though a 1031 exchange is certainly beneficial for every investor, it entirely depends upon the individual how they make the most out of their exchange. Things like property’s location, living condition, crime rate, job availability, etc. play a major role in deciding the future of any real estate investment. As a 1031 investor, you may want your replacement property to be in a place that has a low crime rate and good opportunities for job-seekers. Michigan is one such place. Plus, the resources this state provides. It’s one of the best locations to find a replacement property for your 1031 exchange.
To know more about Michigan real estate market, you can speak to one of our 1031 exchange advisors on 888-993-2835 or email us email@example.com