Pro Builder
JUNE 8, 2023
Implementing a land value tax in Detroit requires a law change at the state legislature, but if successfully legalized, Detroit’s new tax structure could serve as a model for the nation in a wider effort to add more rental supply and resolve the housing affordability crisis.
Pro Builder
FEBRUARY 1, 2021
Production Builders Taking a New Approach to Affordable Housing. Housing starts increased by 7% in 2020 compared to the year prior, but the supply of affordable homes remains low—these two builders are working to change that. The slow growth in affordable housing paired with the lack of growth in wages makes housing more unobtainable.
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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. Housing Markets. Mon, 03/21/2022 - 09:51. Affordability.
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 Housing Markets.
Pro Builder
OCTOBER 24, 2022
as housing costs soar to new highs and first-time buyers compete for a limited supply of entry-level properties, but four major cities still offer reasonable starting points for new buyers. And with home prices up by nearly 30%, “we know for sure people’s incomes have not risen by 30%,” he says. . Housing Markets. Affordability.
Pro Builder
JUNE 1, 2023
markets—assuming one-third of their pre-tax income is used for a mortgage with a 5% down payment. and 56% of the homes in Pittsburgh, 54% in Detroit, and 54% in Cleveland. However, rapid house price appreciation during the pandemic dragged Salt Lake City near the bottom of the affordability list. In contrast, the average U.S.
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.
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