Tuesday, March 8, 2011

Michigan Property Market, Invest in a Booming Economy

Investors looking to buy high quality, affordable homes in the USA can look forward to high yield capital growth over the coming years according to Vanessa Wong from Bloomberg Businessweek and Yahoo Real Estate. Michigan is set to see an increase in House prices of 33.1% and you don't need to look too far to find out why. With Michigan's proactive approach to getting its economy back on track, it is easy to see why the Bureau of Labour Statistics in its report released on January 4,2011 stated that Michigan recorded the largest over-the-year jobless rate decrease, down 3.5 percentage points.

Some of the country's biggest car makers are once again investing in Michigan. General Motors has announced 650 new jobs and Major Vehicle Manufacturer "Oshkosh", that holds a $3 billion military contract, has expanded its facility in Michigan to produce tactical vehicles for the National Guard. The US auto industry is coming back, with all three of the US auto companies producing profits and some even paying staff bonuses! Jobs have started to move back in, and we can only expect this to continue because the auto industry is really on the rise.

In 2008, Michigan gave tax incentives of nearly $100 Million to the movie industry, and this has yielded more than $648 Million in production company spending in the state. There have been over 100 movies produced there. Add to this television shows such as Detroit 1-8-7 and it is easy to see why Michigan is on the movie trail. Other than the booming economy, there are many reasons to buy Michigan property right now. Some of these include a self managed superannuation fund and passive income. Many investors have said they are looking for a way to increase their earnings and retire early and investing in Michigan has helped them do just that.

With a median house price of just $51,000 and a median family income of $54,400 it is not a question of if house prices will rise, but when. Buying property in Michigan can provide cash flow, combined with long term capital gain. Find out more about what's happening in Michigan by clicking here for recent news links or check out some Michigan Research. As with any investment however, make sure to fully understand all aspects of what you are considering and deal only with professionals in the industry.

Happy Investing.

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