Michigan is a fantastic place to live - all those lakes and nature (and it’s not Ohio). But the state is facing a big challenge - rising home prices plus a low inventory. What does that mean for the average person who would like to throw their roots down here?
Here’s Five Fast Facts about the Housing Situation in Michigan …… :
- ⬆️The Highs and Lows of it - The issue seems pretty simple on its face – to attract people to our great state, we need to have affordable places for them to live. Right? But with rising prices and low inventory, that is becoming harder than fishing with a noodle.
- 🏡 How bad? The rental market is taking the biggest hit – right now, Michigan is short about 203,000 affordable rental units. So, unless you can afford to buy (or wait out the ridiculous market), you might face some serious challenges trying to relocate here.
- 🔧 The Fix - The Resilient Homes Michigan group has proposed a $1.6 billion investment to fix old rental properties and build new homes. The goal is to repair or build 75,000 housing units.
- 💰 But who will pay for it? - The state will, according to the Resilient Homes group. They recently called on Governor Whitmer to work this proposed plan into the state’s budget (which really means you pay for it with taxes, of course.)
- 👀 Worth it? It’s kind of a merry-go-round issue, and you might get sick from the spinning. To attract workers to our state and keep the economy going, we need to have houses for workers to live in. But a $1.6 billion investment is quite a pill to swallow, especially when so many Michiganders are already struggling to make ends meet. Now it goes to Governor Whitmer’s office where we’ll all wait to see what becomes of this “once-in-a-generation” proposal.
🔥Bottom line: To attract workers to our great state, we need places for them to live. But at what cost to the residents who already rent or own here?
Is this proposal the answer to Michigan’s housing woes? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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