In a recent study by ReFiGuide.org examining how the COVID-19 pandemic has impacted the housing market, Michigan was ranked the fourth most affordable state to buy a home in this year.
Flint ranked as the third most affordable city in America, and Detroit and Lansing ranked fourth and 36th in nationwide affordability, respectively.
The study noted with mortgage interest rates falling, and because more people now work from home rather than commuting to or staying in urban areas, many are migrating to smaller cities, towns and rural locations.
In Michigan, the study found the national median household income covers 37.6% of the cost of buying a home. This aligns with the study’s overall findings that the most affordable areas in the country are in the South and the Midwest: Mississippi, Ohio, Oklahoma and Illinois are the other top-ranking states for affordability.
The most expensive states to live in are Hawaii, the District of Columbia and California. There, the median income covers only 10%, 13.5%, and 13.6%, respectively, making Michigan about three times more affordable.
At the city level, the median household income covers 93.2% of the home buying cost in Flint, while Detroit — the No. 1 most affordable location out of the 50 largest housing markets in the nation — comes in at 83.4%, nearly twice the affordability of Cleveland, the second-ranked city (42.4%).