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Millennials Are Moving Back to the City

[fa icon="clock-o"] May 10, 2018 8:00:00 AM [fa icon="user"] Brent Maxwell [fa icon="folder-open'] Detroit Real Estate, Detroit, IPS Realty, real estate investment, real estate investors, Detroit rebirth, millennials, twenty somethings

iStock-845915006.jpgWhat any thriving city needs is young energy, young blood, young people walking its streets and inhabiting its rental properties.

For the longest time, twentysomethings steered clear of Detroit. Not anymore. They no longer want to live in Clarkston with their parents or in an apartment in Waterford.

iStock-844057180.jpgOur downtown landscape is changing, and rapidly. Millennials starting their careers with hope and dreams and belief in the Motor City are renting apartments for $1,000 a month, walking around downtown, riding their bikes, hanging out in coffee shops, meeting up with friends.

Gone are the days when metro Detroit twentysomethings accepted the fact that they had no choice but to drive everywhere and live in the suburbs. Now, they have a real city to live and play in, a city to which they can contribute energy, time and focus and see real results.

iStock-649668984.jpgThe population then creates a shift in city demographics to young, often double income, no-children households. We’re seeing racial diversity. This is not gentrification; it’s recovery. 

Now that the millennials are moving in, we can rest assured that Detroit is on its way back – if not already there. 

Brent Maxwell

Written by Brent Maxwell

Brent Maxwell is the founding partner of IPS Realty

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