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Townhouse Plymouth Township Development Approved by Trustees
/in SE Michigan /by Tracy WillisOn April 26, the Plymouth Township Board of Trustees voted 4-2 to approve the Toll Brothers’ and Pomeroy Living’s Plymouth Walk planned 369-unit townhouse/apartment development, despite the concerns of residents. Neighbors expressed concerns about increased traffic issues in the area and the elimination of green space. The developers agreed to spend $1.8 million to pave the dirt roads and add sidewalks to the Eastlawn subdivision north of the development. That willingness swayed the decision of at least two of the trustees.
Metro Detroit’s Home Prices Highest in Decades
/in Detroit, National, SE Michigan /by Tracy WillisMetro Detroit home prices have increased, up 14.6 percent in February when compared to last year. The increase is the highest they’ve been in decades. The managing director for S&P Dow Jones Indices has gone on record saying they’re in the top decile of growth for Detroit over 30 years of tracking. The country is also showing the highest increases on record, up 19.8 percent. Detroit metro’s median increase is 5.1 percent, higher than the 4.7 percent national median. Read estate brokers agree that home ownership is becoming out of reach for new buyers and people of color.
Metro Detroit’s Affordable Housing Shortage Continues
/in National, SE Michigan /by Tracy WillisHigh rent is pushing people to look for new homes, but buying is a challenge. Multiple offers come in over the list price and over the budgets of many of the buyers, and that’s if they can find something within their budget. Renters and first-time buyers are especially struggling. Insufficient new construction, zoning rules that limit where housing can be built as well as wage growth that hasn’t kept up with inflation contribute to keeping the supply low. Average sales prices of homes in Michigan have risen 84 percent between January 2013 and October 2021. Pre-pandemic, nearly one in five homeowners spent more than 30 percent of their income on housing. That figure worsened over the pandemic.