MI Counties With Most Affordable Home Prices: New Data
Here's how much you need to make to afford a home across counties in metro Detroit. A new analysis by NBC News has found that home ownership in Michigan is more affordable than it has been in a decade due to high home costs, interest rate hikes, and a shortage in the nation's housing supply. The affordability gap is an estimate of the difference between an area's median household income and payments on a median-priced home in that area. The 2023 before-tax median household incomes in Michigan were $46,940, according to the Bureau of Labor Statistics. The analysis suggests that a person with income at this level could afford a home in Calhoun, Ingham, Wayne, and multiple counties in mid-Michigan and the Thumb region. However, a person earning the local median income would only be able to afford homes in 60 percent of counties nationwide, compared to 90 percent five years ago. The gap is also growing even in counties with lower-priced homes.
Publié : il y a 10 mois par Dylan Siwicki dans
MICHIGAN — Home ownership, once equated with achieving the American Dream, is farther out of reach for many Michigan residents than it has been in a decade, according to a new analysis.
NBC News, which conducted the analysis, said the affordability gap for homebuyers is nearing a 10-year high amid high home costs, interest rate hikes and a shortage in the nation’s housing supply. The affordability gap is an estimate of the difference between an area’s median household income and payments on a median-priced home in that area. A home is generally considered affordable if payments on a 30-year fixed-rate mortgage don’t exceed 30 percent of pretax income, according to NBC.
The 2023 before-tax median household income in Michigan was $46,940, according to the Bureau of Labor Statistics. The NBC analysis suggests a person with income at the level would be able to afford a home in Calhoun, Ingham, Wayne and multiple counties in mid-Michigan and in the Thumb region. Two-income families have a better chance of finding a home they can afford. Households with before-tax earnings of $92,000 would be able to afford homes in virtually all of the Detroit area and most of Michigan, according to NBC's data.
NBC noted widespread geographical differences in the affordability gap. A median salary of $60,690 in Massachusetts — the top-paying of the states — puts affordable housing out of reach in that state. Nationally, that person could afford to buy a house in 1,618 out of the 2,801 U.S. counties. A person in Mississippi, which has the lowest median annual income of $37,500, would only be able to afford to buy a house in 531 of 2,801 counties.
Today, a household earning the local median income would be able to afford a home in 60 percent of counties nationwide, compared with 90 percent of counties five years ago, NBC said, adding that the affordability gap is growing even in counties with lower-priced homes. » Go to NBC and use the slider tool on the map to make your own comparisons.
Les sujets: Data