How does GM factory closure affect real estate market?

[Geoffrey Tanudjaja]

Hi BP Community!

I moved to Detroit last July for a full-time job and I am thinking of doing house hacking in greater Detroit area. However, with the news that GM is closing some of their factories, which 2 of them are in Detroit area, I start to wonder whether my investment plan still make sense. I guess my biggest main concern is the potential drop in property value as well as higher vacancy rate with so many people got laid off from this closure. I understand that there are other factors that affect real estate markets, but, what are your opinion about this? Maybe I overthink this issue and its potential impact?

Your opinion will be much appreciated!

Cheers,