One-in-four renters in the Detroit metro area—and also nationally speaking—can afford to buy a home. Looking at the 20 most populous metropolitan statistical areas, the Detroit area has the highest homeownership rate at just below 68 percent. Home prices and income wage growth are not meant to keep the same pace when it comes to homeownership affordability. If home prices rose 5 percent on a previously anticipated monthly payment of $1000 for an individual with a monthly income of $5000, that payment only increases $50 to $1050. This doesn’t need to be supported by a 5 percent wage growth. They would only need a 1 percent rise in income to match.
Detroit is also noted as one of the highest potential cities for single-family rental returns, with an annual gross rental yield of 21.7 percent. When it comes to the west coast, we don’t recommend investing in single-family rental units across the strip of California, Oregon, and Washington.
Staged homes sell 74 percent faster than homes not staged, and there’s now an app for that. Curate allows buyers the ability to customize a property’s space and visualize its décor. Downside: currently only available on Android.
If you are looking to buy a three-bedroom, two-bathroom house with a garage and an updated kitchen, get ready for some hard competition. It’s the favored features of homebuyers this season.