Posts Categorized: Real Estate

Detroit Tops List of Cities With Largest Rent Hikes

Despite attempts from city officials to maintain a healthy inventory of affordable housing options in Detroit, many Motor City residents are devoting a larger share of their paychecks to rent payments than they were just a few years ago. That’s what financial tech company SmartAsset found in a recent report which compares household incomes to… Read more »

In 2018, Detroit’s Property Values Rose Across the Board

A citywide reassessment has revealed double-digit increases in property values throughout Detroit, according to Mayor Mike Duggan’s office. Commercial property values, for example, rose a whopping 35 percent between 2017 and 2018 to an overall value of $4.5 billion. Meanwhile, industrial property values in the city increased by 18 percent during the same period as… Read more »

Mayor Duggan Announces $250 Million Affordable Housing Fund

Detroit city officials are employing new strategies in an effort to protect affordable housing availability in neighborhoods throughout the city. Earlier this year, for example, the director of Detroit’s Housing and Revitalization Department announced that the city would offer special tax incentives to developers who include affordable housing units in their construction and rehab projects…. Read more »

Detroit Housing Values Increase for the First Time in 17 Years

City officials have been working hard to facilitate renewed growth in parts of Detroit that lay neglected for years, and the fruits of their labor may finally be starting to show. Historic neighborhoods are being revitalized by their residents, and developers are constructing new affordable housing options downtown. There’s still plenty of work to be… Read more »

Detroit Offers Tax Breaks to Affordable Housing Developers

In recent years, it’s become fairly common to hear local officials and journalists talk about the idea of a “renaissance” in Detroit. It’s true that downtown Detroit is undergoing some very positive changes, but sometimes urban renewal can have unintended negative consequences on a city’s most vulnerable residents.  In San Francisco, for example, rapid commercial… Read more »

Historic Midtown Apartment Building Undergoes Renovations

Another historic building in Midtown Detroit is getting a new lease on life thanks to a multi-million dollar investment from its new owners. The former Milner Arms apartment building, now known as The Hamilton, is currently in the process of undergoing a $12 million renovation that is scheduled to be complete in the fall of… Read more »

Detroit Offers Educators a 50 Percent Discount on Housing

It can be difficult to buy a home on a teacher’s salary, but this year the city of Detroit made it a little easier for educators to find affordable housing. Recently, Mayor Mike Duggan announced that local educators can now take advantage of a program which grants steep discounts to city employees who buy homes… Read more »

Inventory Decline Drives up Housing Prices in Metro Detroit

If you’ve been keeping an eye on the housing market in Detroit this year, you may have noticed a surprising upward trend in housing prices across the region. According to the Detroit Free Press, housing prices in August were up 7.2 percent compared to the same time last year. Furthermore, housing prices were up by… Read more »

Foreclosure Rates Finally Fall Below Pre-Recession Levels

The statistics released by ATTOM Data Solutions show that there were more than 230,000 foreclosure filings through the first three months of 2017 in the U.S., And while that might seem like a high number, it actually represents an 11 percent dip from the final quarter of 2016 and a 19 percent dip when compared… Read more »