Metro Detroit ranks 3rd in terms of the nation’s most affordable housing markets, according to Forbes magazine. They report these stats:
Median home price: $154,600
Median household income: $63,052
Recent affordable home sales: 87.4%
They explained that it would take just over two years of gross income to purchase a home in a market like Metro Detroit, though many of our communities in Oakland County would carry a heftier price tag.
As a matter of fact, when we work with transferees moving here from the coasts, they are often surprised by our real estate values in the higher end of the market. Last year a couple moving from just outside of New York City bought a comparable home to the one they were moving from for about the same price. Not really what they were expecting, but they chose Birmingham. There are lots of places we could have found them a home for less, but they liked the amenities and lifestyle that Birmingham had to offer.
Regardless, affordability is a good thing, though it is also a function of our economy, since prices home prices here are currently flat or falling.
The rest of the Forbes article is here.
Thanks to Carole in Cleveland for pointing out this article.
[tags]metro detroit real estate, affordable housing metro detroit, oakland county real estate[/tags]