A popular real estate blog has identified Midland to be one of the most diverse locations in the state of Michigan. Out of the 100 most popular locations in the state, Midland ranked third in terms of racial, age, education and income diversity. For any individual seeking commercial real estate investment opportunities in Michigan, these kinds of statistics may be a considering factor in his or her decision-making processes.
Areas with a lot of diversity can make for an excellent investment opportunity for real estate developers depending on what kind of business pursuits their property will be used for. According to U.S. Census data, Midland ranks first in the state in terms of income diversity, 66th for racial diversity, 13th for age diversity and 10th for education diversity. Other statistics show that out of the city’s 41,863 population, 6 percent are below 5 years of age, 23.4 percent are below 18 years of age, and 15.6 percent are 65 and up.
With regard to racial diversity, 92 percent of the people in Midland identified themselves as Caucasian as of 2010. Another 3.3 percent said that they were Asian, and 2.4 percent said that they were Latino or Hispanic. Finally, 1.8 percent said that they were a mix of two or more ethnicities. With regard to education, 42.2 percent of Midland residents above the age of 25 have at least a bachelor’s degrees and 93.8 percent have at least a high school degree. The median household income is $50,497, with 13.3 percent of the population living below the poverty line.
Before making a commercial real estate investment, many investors investigate the population inside a given Michigan city to determine if it fits appropriately with their business plan. Information like the data provided about Midland can be of use in making these evaluations. Also, before purchasing a piece of commercial real estate, investors may wish to investigate local zoning laws beforehand to determine if they can use the property as planned. A detailed look at leasing agreements with existing tenants and other contractual arrangements is also important before pursuing such an investment.
Source: mlive.com, “Real estate blog names Midland among Michigan’s ’10 most diverse places’” Heather Jordan, Apr. 15, 2014