Fun fact for the Motor City: a renter with a median income of $43,643 could afford to buy 87 percent of the homes sold Detroit, assuming a 30-year mortgage with a 5 percent downpayment and a house-buying power of $265K. Yes, Detroit is ranked as the most affordable city for median renters looking to buy their first home.
It gets better.
The city was ranked among the top five easiest markets to save for a downpayment. Chicago scored the No. 1 spot thanks to a median annual household income of $50,500 and an estimated annual savings of $10,821 for Millennials. A savings of 20 percent of the income? Who doesn’t like those odds? At that rate, it will roughly take a millennial only three years to save up for a downpayment on the median priced entry-level home in the city valued at $177,300. Detroit posted an expected three years and seven months saving period to purchase the median priced starter home.
Two claps for hospitals jumping into housing. Recent data shows a correlation between highly concentrated levels of poverty and physical health, driving hospitals to join the real estate community and business. Physicians are increasingly frustrated seeing patients from these high-risk communities, and Nationwide Children’s Hospitals in Southern Orchards, Ohio has begun to invest in Healthy Neighborhoods Healthy Families, a local initiative. They’re not the only city doing so. With two-thirds of the kids seen often coming from “toxic living conditions like mold and lead…the stress of living with violence and trauma, racial segregation, and unstable living conditions,” hospitals are prioritizing working with groups in the area to renovate vacant homes for resale that are designed to be affordable housing or to refund renovations to homeowners on their homes.