Research reveals how high home prices in Metro Detroit are trapping renters
- Research shows that rising home prices in Metro Detroit are causing renters to stay in their current homes longer.
- Renters are being priced out of homeownership as a result of the limited housing options available for sale.
- This situation is making it difficult for renters to afford to move to new places within Metro Detroit.
Renters are staying in their homes longer because they can't afford to buy a house and there are fewer homes available for sale. Prices in cities like Detroit have gone up, making it harder for people to buy homes. This is why more people are choosing to rent instead of buying. Rental prices have gone up by about 20% in Metro Detroit since 2019, while house prices have increased by almost 50% in the last five to eight years. Annette Compo, a real estate broker, says that if you want to buy a house, you should make sure your credit score is at least 640. She also advises thinking long-term if you plan to buy soon. This means considering how your financial situation might change in the future. So, if you're thinking about buying or renting a home, keep in mind that renting is becoming more common because buying is getting more expensive. Make sure your credit score is good if you want to buy, and think about your long-term plans before making a decision.