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With a population of approximately 911,000, Detroit is the largest city in the state of Michigan and a major port city on the Detroit River. In 1896, Henry Ford built his first automobile in a workshop on Detroit’s Mack Avenue, and the rest is history. Throughout the 20th century, the automotive industry became a cornerstone upon which Detroit’s economy was built. Today, Detroit is headquarters of the “Big Three” automotive giants General Motors, Ford, and Chrysler, in addition to approximately 30 other Fortune 1000 companies. There are a large number of rentals available in Detroit, as the city has historically seen a homeownership rate of about 54.9%. The average home price in Detroit is approximately $73,200, making buying a home in Detroit extremely attractive, as home prices are just now beginning to stabilize after large decreases in value.
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