Demographics

At the center of the 8^th largest population (4,505,400) and the 12^th wealthiest metropolitan area (U.S. Census Bureau, 2005), downtown Detroit and the neighborhoods oriented toward downtown have a growing residential population that provides a strong base for future development.

15 years ago, downtown Detroit was a traditional central business district (CBD) dominated by office users, but offering little else in the areas of housing, entertainment, or retail. Over the past decade, more than $15 billion has been invested downtown by the private and public sectors, building two new professional sports stadiums, live theater and opera venues, gaming casinos and hotels, major new Class A offices for General Motors and Compuware, residential (single-family, condos and lofts), retail, restaurants, and nightclubs. As a result of these investments, the character of downtown Detroit and its neighborhoods has fundamentally changed.

To quantify this dynamic shift, Washington D.C. based Brookings Institution and The Social Compact conducted a cutting edge market analysis of Detroit Demographics.

Key findings revealed:

• Larger population estimates and higher residential density in downtown and adjacent neighborhoods (74,300) than indicated by 2006 census trend projections (65,500).
• Aggregate and average incomes in Detroit were higher than 2006 census trend projections…$59,300 versus $44,600.
• $1.4 billion in annual aggregate income for the residents of downtown and the neighborhoods oriented toward downtown.
• New downtown residents are highly educated. On the whole, 83 percent of new downtown residents have a college degree or better, compared with the national average of 26 percent. One-third of these new downtown residents have a master’s or other professional degree, compared with the national average of 10 percent.
• 80,500 downtown workers, composing 21 percent of the city’s total employment.
• 15 million annual downtown visitors
• Median home values downtown and surrounding neighborhoods ($115,200) were 30 percent higher than previously reported