It seems we're on repeat this year, yacking like the old folks about how the price of everything is so high. Food, gas, housing…
But there IS some good news on the gray horizon - just look at Michigan's investment in affordable housing. What does it mean for your paycheck?
Here's Five Fast Facts …… :
- 😖 Limited Stock - Homes, affordable or not, are hard to come by in Michigan right now. Inventory is low (down about 60% since pre-pandemic), and prices are high (about 9% higher than this time last year), which has created a bit of a crisis situation.
- 🏨 Thinking outside the house - While some companies - like Short's Brewery - have gotten creative with how to house employees (they bought a gosh darn motel!) - it's still a real issue around the state.
- 🎉 Other solutions, please - Certainly, what Short's did was really cool, but it's not a solution to the broader problem. So the state of Michigan has also stepped in with some relief, investing $13 million to build 529 homes.
- 💃 Variety is the spice - These won't be cookie-cutter track homes built all in the same spot. Instead, there will be apartments, townhomes, and housing "units" (errr… unit!? Excuse me while I see my 12-year-old self out.) The homes will be built in Ann Arbor, Detroit, Grand Rapids, Jackson, Midland, Nashville, Traverse City, and Wyoming.
- 👷 Good for paychecks, too - New homes mean new construction, which leads to new jobs. The project is expected to add $151 million to the state's economy and create 1,000 new jobs.
🔥Bottom line: The news can be dreary, we know. But it's not all doom and gloom. This new project is part of the Building Michigan Together plan signed into law in April, and it's just a tiny part of the 75,000 new or rehabilitated housing units to be built within the next five years.
Have you struggled to find housing? 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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