Ross is not a small local school that caters in large part to its nearby big (somewhat at that) city. UofM is a national brand and as for Ross, Chicago Midwest and East Coast are the main influence areas. Detroit will rank after those and probably even after the West Coast.
Detroit's demise started 10-15 years ago and has been the worst for the last 5-6. I have friends living there whom I see couple of times a year. The housing and job market is terrible due to the challenges to the auto industry. But this is no news. It has been this way for a while. It is applicable to state of Michigan in general. Flint anyone???
The gist of the matter is, its impact on Ross is minimal. If the city was booming, that would have been a welcome plus, but as is, it's a neutral factor rather than a negative one. Just like in stocks; the old news is already reflected into the price (in this case pull & reputation).
My 2 cents...