Average home price (2011): $106,400
Projected home price (2014): $105,200
Gross rent (2011): $648
Projected gross rent (2014): $736
Home prices in
Warren, Mich. have dropped at a rate that is almost as severe as nearby Detroit -- prices have declined by about 35% from the peak -- as a result of its reliance on the auto industry. Warren is home to a major automotive research facility, which used to employ a large percentage of the population.
Many of the homes for rent here are well-kept and located in tidy neighborhoods, making them attractive for renters.
For real estate investors, there are fewer risks involved in buying rental properties in suburban Warren. The area experiences less crime and has better schools. The population is also more stable.
According to Local Market Monitor, the average investor can expect a return of about 3.3% above the national market.
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