Booming suburban Detroit? A good place for rich? (Troy, Wayne: real estate, houses)

[Ionlimius]

It seems to me cities like Troy and Farmington Hill have their economy well better than Michigan's average. (Unique for Michigan?) Why is it booming? Seems like the most promising part of Michigan at present. The cities like Troy are much safer than Downtown Detroit, and much wealthier. Why Suburban Detroit fares much better than its downtown?

[tallguy924]

well there are alot of headquarters for major companies in farmington hills and troy, i know in troy theres arvin meritor and there are alot more, detroits main industry is auto making, and some of those plants are shuting down because of financial issues with ford and gm. but the suburbs have much nicer houses and not nearly as much crime as detroit itself. sometimes i just wish detroit would get its act together and start getting some population back... the crime might be higher in detroit because of racial diverse, but i dont know... i used to live in farmington hills, and i loved that place, its probably my favorite place in the world... no joke, its safe, and has really nice people. but i really dont know how oakland county got so rich so fast.

[Tex?Il?]

Its interesting how this thread hasn't gotten many responses. I've been struck by the difference between Detroit city and suburbs. Maybe people living and working in those places just don't have time for online forums? Thats certainly in no way putting those down who are on them. Interesting.

[sugarbeet]

I don't know that anything is "booming" in Oakland County. Compared to the city of Detroit, maybe, but that trend started long ago when companies and retail moved out of downtown. There is a great deal of wealth in parts of Oakland County, but by this time those automotive fortunes belong to the established wealthy, for the most part.

Sure, people continue to make money and those who can afford to will live in the most desirable places, like Oakland County.

[Coldjensens]

I was just told by a lender that for appraisal/lending purposes, Wayne County (Where Detroit is located) is not identified as a currently "declining market" for real estate. However the surrounding suburbs (Oakland County) are identified as declining markets.