Michigan Real Estate News

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Grand Rapids Home Prices Continue Their Upward Trend

Grand Rapids median home prices are predicted to grow 6.5% in 2021, mirroring the 6.8% growth between 2019 and 2020.  Younger adults are a driving force behind the trend with the median household income also increasing from $68,703 (2019) to $80,000 (2020).

Evictions are a Looming Reality

The New York Legislature has passed a comprehensive and controversial anti-eviction law. The new law bans tenant evictions for a least another 60 days and offers some foreclosure protection to small business owners, as well as renews tax exemptions for elderly or disabled  homeowners. Critics feel the law goes to far and doesn’t require proof that financial hardships are due to the pandemic or define income limitations to qualify for eviction protection.

 

Community Builders, a Grand Rapids-based nonprofit, is partnering with the city’s Homeless Outreach Team to coordinate short-term accomodations and support service for the area’s homeless population. The Geographically Targeted Housing Outreach intiative (GTHO) is funded in part by the city of Grand Rapids Emergency Solutions Grants under the federal CARES Act.

 

A Detroit Free Press investigation discovered gaps in the state’s safety net designed to prevent renters from losing their homes. Although the number of evictions has decreased when compared to 2019 data, 4 factors are crippling the state’s evction protection measures: A lack of comprehensive statewide data, missing key information to track communities that have not received aid, local judges who fail to follow the state Supreme Court order, and landlords who are finding leasing loopholes.

Michigan Downtowns Take A Hit From Remote Work

Downtown businesses have lost a significant percentage of their consumers due to remote work trends. The number of empty commercial real estate sites is preventing the resurgence of downtowns. Owners are creatively repurposing empty sites to adapt to the need for affordable housing, remote employee wifi access, and coworking spaces.