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Michigan real estate

Michigan – “Affordable” is the Name of the Game!

There may not have been a state hit harder by the recession than Michigan. After all, this is a state that lives and dies by the auto industry, and taxpayers spent more than $60 billion bailing out automakers! Ever since, Michigan has constantly wound up near the top of “Most Miserable Housing Market” lists.

What about now, though? After all, it’s been five years since the housing bubble burst and America sank into recession – taking the auto industry down with it. What can Michigan expect now?

Well, if you’re looking for affordable housing, Michigan is the place to be!

Homes for sale in Michigan are some of the cheapest in the country. Part of the reason is that demand here is low. After all, Michigan is also home to some of the highest unemployment in the country (as of December 2012, the unemployment rate in Michigan was 8.9% and spent much of 2012 climbing). As a result, many people simply don’t have the means to go out and buy homes.

Realtors in Michigan aren’t expecting to see a surge in first-time buyers anytime soon, either. That’s because 11.5% of millenials (or, 18 to 29-year-olds) here are unemployed. That’s the highest the rate has been since World War II. As a result, many of Michigan’s older homeowners are stuck, since they traditionally would sell their larger homes to younger buyers and downsize to smaller homes.

Despite the dismal unemployment numbers, sales prices in Detroit actually started to go up towards the end of 2012. (In December 2012, the median sales price was $130,000. In December 2011, it was $105,000.) That’s largely due to the fact that the inventory here is very low. As a result, what little demand there is drives up the prices!

One thing that will really work in Michigan’s favor this year is Congress’ extension of the Mortgage Debt Forgiveness Act. By giving struggling homeowners the option of doing short sales (instead of forcing them into foreclosure), the homes for sale in Michigan won’t be dragged down by foreclosures being sold at bare-bones prices.

Interestingly, Detroit is bucking a big trend when it comes to its apartments for rent. Unlike most of the country, Detroit’s rent prices didn’t skyrocket in 2012. Instead, they stayed relatively flat. (As you might expect, though, Downtown and Midtown are still the most expensive places to rent.) In the rest of Wayne County, the average rent actually decreased 0.1% throughout the year!

The same can’t be said for the apartments for rent in Michigan’s suburbs. Those monthly rent prices went up 4%. Still, though, it’s not nearly as bad as what other parts of the country saw – many of which dealt with record rent prices in 2012.

Living in Michigan

Located in the Great Lakes region of the Midwestern United States, Michigan boasts thousands of miles of beaches and more than 64,000 inland lakes and ponds. The state of Michigan is surrounded by four out of the five Great Lakes as well as Lake Saint Clair – making it one of the top states for recreational boating. In fact, the name “Michigan” comes from the Ojibwa word mishigamaa, which translates to "large water" or "large lake"!

Get all of your boating done in the summer, though, because the winters here are very cold! In fact, once boating season is over, try out Michigan’s ski areas. There are 51 of them, with more than 260 lifts and around 1,000 runs. Just dress carefully if you head to the Upper Peninsula. Because it’s so close to the Great Lakes, the Upper Peninsula experiences a more severe climate with longer, colder winters and lots of heavy lake-effect snow.

Here are some of Michigan’s fast facts:

  • What is the population of Michigan?
  • The population of Michigan is 9,883,360
  • What is the capital of Michigan?
  • The capital of Michigan is Lansing
  • What is the largest city in Michigan?
  • The largest city is Detroit

In the early 20th century, manufacturing became an important element in Michigan’s economy along with the rise of the auto industry. By 1900, approximately 25% of Michigan’s population was factory workers. Today, while motor vehicle and equipment manufacturing dominate the economy, Michigan is also known for its steel, chemical, aerospace, and pharmaceutical industries. The tourist industry is also big.

If you are interested in history, The Henry Ford Museum features a large indoor and outdoor history complex in Dearborn. Named for automobile industrialist Henry Ford, the museum preserves an array of items important to the Industrial Revolution.

Other family-friendly attractions include the Detroit Zoo, the Detroit Institute of Arts, Detroit Historical Museum, and the Charles H. Wright Museum of African American History. Michigan is also home to lots of water parks, wineries, and lighthouses.

If you like hunting and fishing, Michigan is ranked first in the country in licensed hunters who add $2 billion annually to the state’s economy. Charter boats are available to fish for trout, salmon, walleye and perch.

You may have to bundle up at times, but you’ll have plenty of fun here!

This is the Census data for Michigan

Population

Total population estimate for Michigan (July 1) 2012
9,883,360
Total population change for Michigan- April 1, 2010 to July 1, 2012
NA

Age

Percentage of the population that's under 5 years old in Michigan, 2011
5.9%
Percentage of the population that's under 18 years years old in Michigan, 2011
23.2%
Percentage of the population that's 65 years and over Michigan, 2011
14.1%

Gender

Percentage of the population that are females in Michigan, 2011
50.9%

Race breakdown for Michigan in percentages

White alone, 2011
80.2%
Black alone, 2011
14.3%
American Indian and Alaska Native alone,2011
0.7%
Asian alone, percent, 2011
2.5%
Native Hawaiian and Other Pacific Islander alone, 2011
NA
Two or more races, 2011
2.1%
Hispanic or Latino Origin, 2011
4.5%
Not Hispanic, White alone, 2011
76.4%

A little more about the residents of Michigan

Percentage of residents who lived in the same house 1 year ago, 2007-2011
85.4%
Percent of residents who are foreign born 2007-2011
6.0%
Percent speaking a language other than English at home, 2007-2011
9.0%

Education

Percent high school graduates or higher for residents 25 years old and over in Michigan, 2007-2011
88.4%
Percent with a bachelor's degree or higher for residents 25 years old and over in Michigan, 2007-2011
25.3%

Veterans

Total number of Veterans living in Michigan 2007-2011
711,613

Communting

The average travel time to work for workers in Michigan (16 years and over not working at home), 2007-2011
23.9 mins

Real estate stats in Michigan

Housing unit estimates, 2011
4,525,480
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
73.5%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
18.1%
Median value of specified owner-occupied housing units, 2007-2011
$137,300.00
Households, 2007-2011
3,825,182
Average household size, 2007-2011
2.53

Income

Per capita income for Michigan in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$25,482.00
Median household income in Michigan, 2007-2011
$48,669.00
Percentage of people living in poverty in Michigan 2007-2011
15.7%

Business and commerce info for Michigan

Private nonfarm establishments, 2010
219,119
Private nonfarm employment for pay period including March 12, 2010
3,288,456
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-19.3%
Total number of businesses in Michigan, 2007
816,972
Percentage of Black-owned businesses in Michigan, 2007
8.9%
Percentage of American Indian- and Alaska Native-owned businesses in Michigan , 2007
0.7%
Percentage of Asian-owned businesses in Michigan, 2007
2.6%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Michigan, 2007
0.1%
Percentage of Hispanic-owned businesses in Michigan, 2007
1.3%
Percentage of Women-owned businesses in Michigan, 2007
30.4%

Land size and population

Size of Michigan in Square Miles, 2010
56,538.90 mi²
Population per square mile in Michigan, 2010
174.8

Michigan real estate

[Not Specified]

Akron Vlg

Alaiedon

Allenton

Antwerp

Arnheim

Atlanta

Au Sable

AuTrain

Bannister

Barton City

Bay Harbor

Bay Port

Benton Charter

Berrien Center

Bete Gris

Beverly Hills Vlg

Big Prairie

Billings

Bingham Farms Vlg

Bismarck

Black River

Blissfield Vlg

Bloomingdale

Boardman

Bourret

Boyne Falls Village

BRANDON TWP

Breedsville

Bridgehampton

Bridgewater

Brimley

Brookfield

Broomfield

Brownstown Twp

Bruce Crossing

Buckley Village

Bunker Hill

Burleigh

Byron Center

Byron Vlg

Canton Twp

CANTON TWP

Capac Village

Caro Vlg

Carson City

Carsonville Vlg

Caseville Village

Cassopolis Vlg

Cedar Lake

Cedarville

Chandler

Charlton

Cherry Grove

Chippewa Lake

City Of The Vlg Of Clarkston

Clam Lake

Clam Union

Clarksville

Claybanks

Clearwater

Clement

Cleveland

Clifford Vlg

Clinton Twp

Coldwater

Columbiaville

Columbiaville Vlg

COMMERCE TWP

Comstock

Conklin

Croswell

Cumming

Daggett

Dansville Village

De Tour Village

Deckerville Vlg

Deerfield Twp

Delaware

Denmark

Detour Vlg

Dexter Vlg

Dixboro

Dodge City

Dodgeville

Dowgiac

Dowling

Drummond

Drummond Island

Eagle Harbor

Eagle River

East English Village

East Grand Rapids

East Lake Village

East Leroy

Eastlake

Eastport

Eben Junction

Echo Bay

Edenville

Edwards

Elkton Vlg

Ellington

Elm Hall

Elmwood

Elmwood Park

Emmett Vlg

Estral Beach Vlg

Evergreen

Fairgrove Vlg

Fairport

Fairview

Fenwick

Filer City

Forest Home

Forester

Forestville Vlg

Foster City

Fowler Vlg

Frankenlust

Frankenmuth

Franklin Village

Freedom

Freeland

Freeport

Friendship

Fruitland

Gaines Vlg

Galesburg

GALESBURG

Genoa Twp

Georgetown

Germfask

Gilford

Goodells

Grand Marais

Grass Lake Vlg

Gratiot Lake

Grattan

Greenleaf

Grosse Pointe Shores Village

Grosse Pointe Shores Vlg

Grosse Pt. Woods

GROVELAND TWP

Gulliver

Hancock (Dollar Bay)

Harbor Springs

Harrison Twp

Hemlock

henderson

Henrietta

Hesperia Vlg

Hillman

Honor Vlg

Hopkins

Houghton Lake Heights

Houghton/Freda

Hougton

Hoxeyville

Hubbard Lake

Huntington Woods

Imperial Heights

Independence Twp

Indian River

Indianfields

Ispheming

Jacobsville

Jefferson Chalmers

Kalkaska Vlg

Keweenaw Bay

La Salle

LaBranche

Lac La Belle

Lachine

Lake Fenton

Lake Odessa

Lake Orion Vlg

Lakeside South

Lambertville

LAnse

L'Anse/ Skanee

Lathrup Village

Le Roy Village

Lennon (Genesee)

Lennon Vlg

Leonard

Leonard Vlg

Leonidas

Level Park-Oak Park

Little Lake

Long Lake

Lovells

Luther Vlg

Mackinaw

Macomb Twp

Madison

Manchester Vlg

Maple Forest

Maple Grove

Maple Rapids

Maple Valley

Marcellus

Marinesco

Marion Village

Masonville

Mastodon

Mckinley

Mecosta Village

Mecosta Vlg

Melvin Village

Meredith

Meridian

Meridian Charter

Merrill

Merriweather

Mesick Village

MICHIGAN CENTER

Middleton

Milford Twp

Millbrook

Montcalm

Monterey

Montgomery

Moorestown

Morenci

Mount Morris

Mount Pleasant

Mt Haley

Mt. Pleasant

Mullett

Mullins Eight Mile Lawn Subdivision

Napolean

New Haven Village

New Troy

Newberry Vlg

North Adams

North Branch Vlg

North Plains

North Street

Norton Shores

Norwood

Oakland Charter

oakley

Ocqueoc

Ortonville Vlg

Osceola

Oshtemo

Other City - Not In The State Of Florida

Otisville Vlg

Otter Lake Vlg

Out Of State

Outside Area (Outside Ca)

Oxford Village

Palmyra

Paradise

Paw Paw Village

Peck Vlg

Pendelton Village Condo

Pennfield

Petoskey

Petosky

Pickford

Pierson