This article first appeared in the PR October 2009
issue of Pro Remodeler.
Population: 4,425,110 (0.6 percent decrease since 2000)
Existing home sales: Q2 2009 sales were up 16.1 percent from 2008 and up 28.8 percent from Q1
Home prices:
- Down 25 percent from 2008
- Down 45.3 percent from December 2005 local peak
- Down 42.9 percent over last 5 years
- Down 27.8 percent over last decade
Homeownership rate: 74.2 percent (No. 5 among major metros)
Median household income: $53,593
Local unemployment rate: 17.7 percent (up from 9.3 percent in 2008)
Sources: Michigan Association of Realtors, S&P/Case Shiller Home Price Index, U.S. Bureau of Labor Statistics, U.S. Census Bureau
RELATED LINKS
Detroit Free Press: Detroit on brink of financial ruin
How Bad Things are in Detroit
Follow the Money: Profile of Detroit Market Leader D.A. Home Improvement
Data and information on the Detroit remodeling market