Top Cities for Homeownership in Michigan [LendingTree Study]
Content by Lending Tree LLC
Buying a home is both a lifestyle choice and an investment; and based on the most recent numbers, Michigan homeowners are seeing a major return on their investment. According to the Federal Housing Finance Agency, Michigan ranked ninth in 2018 for home price appreciation, with prices rising 7.35%, versus 5.73% nationally. To determine the cities in Michigan where homeowners are getting the most value out of their homes, LendingTree looked at data collected by the U.S. Census Bureau in 2013 and 2017 for both metropolitan and micropolitan (between 10,000 and 50,000 residents) statistical areas. We studied 35 areas according to some of the qualities homeowners consider important, such as home appreciation rates, overall housing costs (for expenses such as mortgages, insurance, taxes and utilities), average commute times and unemployment rates. Together, the data provide a look at both financial well-being and the quality of life in Michigan. Full report: https://www.lendingtree.com/home/mortgage/best-cities-for-homeownership-in-michigan/ Key findings:
- The Grand Rapids-Wyoming metro area is the best place in Michigan for homeownership. It has a high median home value ($159,400), low unemployment (5.3%), increasing home values from 2013-2017 (11%) and decreasing housing costs from 2013-2017 (-4.22%).
- The Ann Arbor metro area ranked as the second-best place in Michigan for homeownership. It has the highest median home value of all cities surveyed ($237,200), low unemployment (5.4%) and increasing home values from 2013-2017 (16.05%).
- The Alma micro area is the worst place for homeownership in Michigan. It has the lowest median home value ($95,300), moderate unemployment (7.4%) and increasing housing costs from 2013-2017 (0.63%).
The best cities for homeownership in Michigan:
1. Grand Rapids metro area
2. Ann Arbor metro area
3. Marquette micro area
4. Monroe metro area
5. Lansing-East Lansing metro area
6. Adrian micro area
7. Houghton micro area
8. Iron Mountain micro area
9. Traverse City micro area
10. Kalamazoo-Portage metro area
Click here for the full report.
*Article compliments of Lending Tree LLC