It's a city in crisis but with potential for a big comeback. Despite an ailing auto industry and the highest jobless rate in the nation, Detroiters are determined to make their hometown thrive once again. For the next year, CNNMoney will focus on that challenge.

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On the cheap
On the cheap
Detroit's cheap rent is one thing that attracts young artists.

Here, the Sugarcoats, a local band, practice in a loft in Corktown, an up-and-coming artsy neighborhood. Band members, who mostly grew up in the suburbs and now live in town, pay between $150 and $200 a month for a room in a house, rents unheard of in New York or Los Angeles.

"We're the exact replica of New York in the 1970s," said singer Corey Weedon.

Replica or not, city leaders hope a growing creative class in the inner city will encourage other young, educated people to stay in Detroit rather than move to larger cities on the coasts.

NEXT: Keeping it local

Last updated October 22 2009: 8:36 AM ET
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