Before there was Silicon Valley, Detroit was once considered the hotbed of innovation in the U.S., with the auto industry helping to make the city the wealthiest in the country around the 1950s, by many accounts. However, issues such as auto factories moving out of the Detroit area to other countries and low-cost areas within the U.S. contributed to significant economic pain for the city, leading to Detroit filing for bankruptcy in 2013.
While Detroit has recovered in many ways since then, real estate remains relatively affordable compared to high-cost cities like San Francisco. The median price per square foot for homes sold in Detroit is just $81, according to Redfin.
