Pro Builder
JUNE 8, 2023
Luckily, a new land value tax plan from Detroit’s mayor will redistribute a portion of the collected rent or imputed rent from landowners back to the city to encourage development of more rental units while discouraging building vacancy, Forbes reports.
Pro Builder
JANUARY 19, 2023
ldeakins Thu, 01/19/2023 - 10:48 Saving up for a down payment to buy a home depends, in large part, on household income. metro areas, however, saving for a down payment takes just under five years, thanks to a relatively high median household income. Where Does It Take the Least Time to Save Up for a Down Payment?
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Pro Builder
MARCH 9, 2022
times median first-time home buyer income and 5.3 Detroit joined this lineup, nudging out Minneapolis and Baltimore. times median first-time buyer income, Cleveland (3.1), St. Louis (3.3), Buffalo, New York (3.5), and Detroit (3.5). times first-time buyer income, compared with 12.1 last quarter. Housing Markets.
Pro Builder
MARCH 21, 2022
Home prices rose faster than median incomes in the majority of metro areas tracked by Zillow in 2021. metros tracked by Zillow in 2021, compared to just five metro areas where home value appreciation outpaced median income in 2020, CNBC reports. Detroit and St. Mon, 03/21/2022 - 09:51.
Pro Builder
JUNE 8, 2022
Market hurdles like historically low housing supply, surging mortgage rates, and stagnant income growth are keeping first-time buyers sidelined at the start of 2022. Inflation significantly outpaced income growth at the start of 2022, with homes in the most populous metro areas costing six times the typical first-time buyer income.
Pro Builder
OCTOBER 24, 2022
Despite a chronic housing shortage and fast-rising home prices, starter homes are still relatively affordable for those earning the median household income in Detroit, Tulsa, OK, Memphis, TN, and Oklahoma City, CNBC reports. And with home prices up by nearly 30%, “we know for sure people’s incomes have not risen by 30%,” he says. .
Pro Builder
FEBRUARY 1, 2021
According to Forbes, less than 3% of homes completed in 2019 were affordable for buyers making between 80% and 120% of the area’s median income. According to a September 2020 US Census Bureau report, the median household income in the US in 2019 was $68,703.
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