Excerpt from Article:
Single Family Rental Returns by County
Macomb County, Michigan
2015 - 2016 Change in 3 bed Rental Amount is up 1.8%
2016 3 bedroom monthly Rental Amount is $1.234
2016 Annual Gross Rental Yield is 12.3%
Q1 2016 Median Sales Price is $120,000
A post on Facebook by Governor Rick Snyder on April 22, 2015.
By Herb Strather, Crain's Detroit Business
Originally Published: May 16, 2014 12:25 PM Modified: May 16, 2014 2:43 PM
Here are 10 reasons why I think Detroit will succeed:
I believe Detroit is headed for a future brighter than anyone could have imagined. These are exciting times, and it is just the beginning.
You might ask yourself this question and to give you an unbiased opinion we have included some recent articles to give you just that information. We do love our metro Detroit area and all it has to offer. John and his staff have grown up and currently live in Detroit or metro Detroit. This perspective allows you to gain from our experience. What area's are great for rentals, where to get the most for your money, is that location near expressways/highways to allow commuters to locate there, is the market likely to turn around in that neighborhood?
Read on to find out more information on metro Detroit's real estate market.
By Holden Lewis, Bankrate.com
Jan. 26, 2014
Where are some promising places to invest in rental homes?
Bankrate surveyed online real estate listings for three-bedroom houses in 15 of the country's largest metro areas. In the following five metros, rents are relatively high compared with asking prices for home sales. That makes these metro areas potentially profitable places to buy homes to rent out. Each investment decision depends on prevailing home prices and rents in the neighborhood, the dwelling's condition, taxes, insurance, interest rates and other costs.
Should you buy a rental home in metro Detroit?
In a survey of online real estate listings in the fourth quarter of 2013, Bankrate found that the median asking price for a three-bedroom house in metro Detroit was $44,900, with a median rent of $850. Based on those numbers, an investor could recoup 22.7 percent of the investment in the first year, excluding taxes, insurance, renovations and other costs. See a map on Bankrate.com of potential investment profitability in 15 metro areas. Median asking price for 3-bedroom house: $44,900 Median rent for 3-bedroom house: $850 Gross yield: 22.7 percent
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50 employers to converge at Novi event Monday
By Tom Henderson, Crains Detroit Business
April 9, 2015 5:00am
More than 50 employers looking to fill more than 3,000 jobs will be part of the Engineering Society of Detroit’s spring engineering and technology job fair Monday at Suburban Collection Showplace in Novi.
The job fair promises openings in all forms of engineering — biomedical, chemical, civil, computer, design, electrical, electronic, environmental and mechanical — along with openings in information technology, software, cybersecurity, defense, finance, human resources, manufacturing, sales, marketing and more.
Real Estate News | Oct 30, 2013 | By: Realtor.com Team
The Turnaround Towns Report for the third quarter found that the median age of inventory across the United States dropped 17.7 percent over the same period in 2012, with typical homes selling in 84 days between July and September of this year. Median list prices rose 7.6 percent year-over-year to $199,128 in the third quarter, and the number of homes available on the market dropped by 3.3 percent year-over-year, with an average of 1.96 million homes on the market on any given day in the period, according to the report.
By Josh Paciorek
August 10, 2015
Michigan added another chapter to its comeback story after the Federal Reserve Bank of Chicago reported that Michigan has the fastest growing economy in the Midwest.
According to the report, Michigan’s economy grew by 1.9% in 2014. Professional and business services, manufacturing, information, trade, transportation, utilities, and education and health services were the top growing sectors.
And they project Michigan’s economy will continue to grow, which is good news for all Michiganders. It’s another reason why Michigan is the nation’s comeback state. Since Governor Rick Snyder took office in January 2011, Michigan has created nearly 400,000 new private sector jobs—the most in the Midwest and the 5th most in the nation. We’ve eliminated nearly 2,000 regulations, repealed the job-killing Michigan Business Tax, and reduced the unemployment rate by half.
By JC Reindl Detroit Free Press Business Writer
5:47 PM, May 12, 2014
Home prices in metro Detroit jumped 24% in April from a year earlier as house hunters chased a smaller number of properties on the market, according to a Realcomp report released Monday.
Figures from Farmington Hills-based Realcomp show the median home sale price for the region was $121,900, compared with $98,250 in April 2013.At the same time, there were 14% fewer sales than in April 2013 and housing inventory dipped 6%.
Housing experts say the slim inventory of for-sale homes is continuing to lift prices. Desirable properties are selling fast and often receiving multiple bids. The average days on the market for a metro Detroit home was down to 48 days from 70 a year ago.
The new Realcomp numbers, which do not include private sales or for-sale-by-owner transactions, are for Wayne, Oakland, Macomb and Livingston counties.
By Realtytrac Staff
March 29, 2016
County Rankings for Highest SFR Returns, Best Growth Markets, Best Millennial Markets; Zip Codes with Highest SFR Returns in Flint, Baltimore, Birmingham, and Detroit
IRVINE, Calif. – March 31, 2016 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q1 2016 Single Family Rental Market Report, which ranks the best markets for buying residential rental properties in 2016.
The report analyzed single family rental returns in 448 U.S. counties each with a population of at least 100,000 and sufficient rental and home price data. Rental data was from the U.S. Department of Housing and Urban Development, and home price data was from publicly recorded sales deed data collected and licensed by RealtyTrac markets (see full methodology below).
The report ranked all 448 counties based on the potential annual gross rental yield (monthly rent, annualized, divided by median home price) and also identified the best counties for future growth in the single family rental market and the best millennial magnet single family rental markets.
April 30, 2014
The median home value in Detroit Metro is $108,200. Detroit Metro home values have gone up 16.3% over the past year and Zillow predicts they will rise 2.8% within the next year. The median list price per square foot in Detroit Metro is $96, which is higher than the Michigan average of $92. The median price of homes currently listed in Detroit Metro is $135,000 while the median price of homes that sold is $149,956. The median rent price in Detroit Metro is $850, which is the same as theMichiganmedian of $850.
By Quentin Fottrell
American house prices are undervalued by around 3% on average, new research finds, but they're still overvalued (and undervalued) by double-digit percentages in many metro areas.
Home prices are edging slowly back to normal in the third quarter of 2014, after being undervalued by as much as 5% on average last June, but they vary dramatically in the country's 100 largest metro areas, according to real-estate website Trulia. In the first quarter of 2006 at the peak of the housing market bubble, U.S. house prices were overvalued by 34% before dropping to 13% in the first quarter of 2012.
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By Realtytrac Staff
Jan. 28, 2015
Markets with Highest Potential Rental Returns in Georgia, Maryland, Virginia,Michigan;
Markets with Biggest Rent Jumps in Texas, Colorado, North Carolina;
Report Also Ranks Top Markets for Renting to Millennials, Gen Xers and Baby Boomers
By Marine Cole, The Fiscal Times
July 8, 2014
Some 288,000 new jobs were added last month, but the labor markets in some U.S. cities have recovered from the recession better than others because of factors specific to their local economies.
Ten cities in particular have captured a larger share of the total jobs added in the U.S., according to a new study by CareerBuilder and Economic Modeling Specialists.
The study looked at what should have been the total job growth in the 50 most populous metro areas between 2010 and 2013, based on the total job growth in the country. Then it looked at the actual job growth in each of these cities. By calculating the difference between these two measurements, it found what it calls the competitive effect – which indicates how much each city has exceeded, matched or fallen behind national job growth trends due to specific dynamics in local industries.