Though the housing bubble made various parts of the Michigan area look like a complete ghost town, the years since have been a strange time to be a homeowner. We find our mortgage rates lower than ever, average salaries are climbing, there’s more work out there, and the economy as a whole has been climbing, which has been great news for those who struggled through the housing market collapse. Even some of those who lost their homes wound up getting one back, but now we find a different kind of problem.
Now, there just isn’t any more home out there in the area for people to buy. The number of available starter homes has slowly been declining to the single digit percentiles for almost the first time in history, now that people really know the value and importance of their homes, they are quite hesitant to let them go, and you can’t really fault them. And though this winds up good for the local economy and community, to have so many local residents who are happy in their homes, it hits a point where we just can’t grow anymore.
Though having a strong housing market is the idea of any city really, it can be daunting when trying to look for expansion in the wake of a housing dry spell. The secondary disadvantage is the inevitable rise in housing costs due to the supply and demand rules, which in turn will raise mortgage costs across the board, and all manner of issues can arise. The solution of course would be to add more housing, but we’re firmly aware that the solution is a lot easier in thought than in implementation in this particular case.
Now we’re sure that there are wiser brains than ours looking into the matter, but we can’t help but look at the issues that the closed market is putting forth right now. With so little housing, it could fill up quickly, especially seeing as with word of mouth spreading the information that Detroit is turning back into one of the better places to live. It’s a bittersweet result, one that has us happy for the current state of the city, but one that can’t help but wonder what the future holds. No matter the outcome, we can only hope that it’s one that furthers our progression.
We should count our blessings, there are many other cities out there facing the exact opposite of our situation. Many markets still have yet to make the slightest bounce back, and here we are lamenting the high point we currently sit in. All we can do is hope that the balance strikes, and that we can continue to have a solid and strong community with room to make for more members to join. No matter what the outcome, we will always be here, for better or for worse, as we have for so many years now without any form of regret.
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