Home prices in Metro Detroit forcing renters to stay put, research shows
(CBS DETROIT) - Are you planning on buying or renting a home? New research from Redfin shows renters are staying in their homes longer.
One reason is that renters are priced out of homeownership, while fewer homes are for sale. Realty experts say prices in urban areas like Detroit have increased.
They say cities are becoming more popular because of the access they offer.
"We found that rental increases are about 20% across the board, especially in Metro Detroit, from what they were in 2019. That's a pretty hefty increase; however, when we look at houses, they've increased almost 50% in the last five to eight years," says Annette Compo, a real estate broker with Keller Williams.
Compo says that if you plan on buying a home first, you need to get your credit into a healthy score bracket of at least 640, and if you are planning to purchase soon, make sure you think long-term.