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The Second Hottest Housing Zip Code In America Is Here In Metro Detroit, According To Realtor.com

There’s been a lot of talk about real estate in the city of Detroit as of late. But a nearby Wayne County suburb is one of the 10 hottest zip codes in America according to Realtor.com. Coming in the number two spot, the 48154 in Livonia. It’s located east and north of the junction of I-96 and I-275. It’s also home to a lot of millennial folks, a group that’s often talked about as desirable for future housing. Realtor.com says it’s proximity to things (they say it’s a 30 minute dri...

Comerica Commits $5 Million To Home Appraisal Gap In Detroit Through Detroit Home Mortgage

Less than 20 percent of homes purchased in the city of Detroit have mortgages. It’s currently a cash system where you either have all the money you need for the house, or you can’t buy it. That shuts the door on anyone who doesn’t have the purchase price of a house sitting in the bank – and that means most people can’t buy a house in Detroit if they wanted to. This happens for a variety of reasons, but the long and short of it means that if the gap is too big, the mortgage doesn’t happen and t...

New Data Says Rents Rose 9.3% In Just One Year In The City Of Detroit

Remember how less than three years ago it was all the fashion to talk about buying a $500 house in Detroit? According to a new set of data released by RentCafe, today that might get you a little more than two weeks of rent. The average monthly rent in the city is now $932 per month. That’s a 9.3 percent hike from 2015. At least that’s the case for market rate rentals. RentCafe says part of the reason is constricted supply, with just 192 new units coming online in 2016. To give perspective,...

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