While rising home prices make homeownership a challenge, several major US cities still offer affordable starter homes. This article explores the most affordable markets in 2024, including Detroit, Pittsburgh, Cleveland, and St. Louis, analyzing their price trends and economic factors.
The cryptocurrency world is buzzing with news this week, with El Salvador reaping the rewards of its Bitcoin gamble, Detroit becoming the first major U.S. city to accept crypto for taxes, and Standard Chartered predicting a massive surge in the digital asset market. Find out more about these developments and the potential impact on the future of cryptocurrency.
Marathon Petroleum Corporation (MPC) shares are down in premarket trading after half of its Detroit refinery workforce went on strike over unresolved pay and safety concerns. The union has been negotiating with Marathon for nine months, seeking improved pay and work schedules. The refinery, with a capacity of 140,000 barrels per day, processes both sweet and heavy sour crude oils into gasoline and distillates. Despite the strike, Marathon has stated its preparedness to continue operations safely. Despite this news, Marathon recently reported strong second-quarter results, including revenue exceeding estimates and an adjusted EPS surpassing the consensus.
Detroit, once known for its urban decay and financial struggles, is experiencing an unexpected real estate boom, attracting investors seeking high returns on low entry costs. Despite challenges like crime and the need for renovation, the city’s revitalization efforts, driven by major players like Dan Gilbert and Ford, are reshaping Detroit’s skyline and attracting new residents and businesses.
Wake-N-Bakery, a Chicago-based cannabis-infused bakery, is set to open its first Detroit location in Corktown, offering a unique menu of THC-infused pastries, beverages, and CBD products for dogs. The bakery’s arrival marks a significant step towards integrating cannabis businesses into Detroit’s community and presents a unique approach to the state’s burgeoning cannabis market.
Stellantis CEO Carlos Tavares is heading to Detroit this week to address the company’s declining performance in North America. The automaker has seen a significant drop in profits and sales in the region, leading Tavares to personally oversee a strategic turnaround effort.
Detroit’s hospitality industry is set to receive a major boost with the construction of a new 600-room JW Marriott hotel in downtown Detroit. The luxury hotel, located next to the Huntington Place convention center, is expected to open in early 2027 and will play a pivotal role in attracting larger conventions and events to the city. The project is valued at $397 million and includes a raised pedestrian bridge connecting the hotel directly to Huntington Place.
A dilapidated former General Motors factory in Detroit, Fisher Body Plant 21, is set to be transformed into new housing. The project, which will include 433 residential units and commercial space, is receiving a $1 million grant from EGLE, the Michigan Department of Environment, Great Lakes, and Energy, for environmental remediation and cleanup. The project is part of a broader effort to revitalize Detroit’s brownfield sites.
Lightstar, in partnership with the City of Detroit, has launched an ambitious solar energy project called “Locally-Sited Utility-Scale Solar.” This initiative aims to integrate solar energy infrastructure with sustainable agricultural development in Detroit, creating a model for urban sustainability. The project will involve the installation of solar panels at two community-centered sites, generating approximately 10MW of power and providing opportunities for urban farming. Lightstar is committed to community engagement and will provide energy efficiency upgrades to qualifying homeowners in the project area. The project also includes a partnership with JIMA Studio to ensure inclusive and culturally sensitive development.
Project HQ Hotels & Residences, a collaboration between Sam Nazarian and Wyndham Hotels & Resorts, is set to transform the lifestyle hotel sector with its innovative approach and strategic partnerships. The brand’s inaugural locations will be in Montreux, Switzerland, and Detroit, Michigan, offering discerning travelers unique culinary experiences, vibrant nightlife, and advanced technology, catering to Millennials, Gen-Z, and Latin communities.
