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Home prices in Metro Detroit forcing renters to stay put, research shows
One reason is that renters are priced out of homeownership, while fewer homes are for sale.
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One reason is that renters are priced out of homeownership, while fewer homes are for sale.
According to an analysis from Bankrate, the better option is to rent for the majority of people.
The median mortgage payment jumped to a record $2,843 in April, up nearly 13% from a year ago, a new analysis finds.
The rent is high not just in Detroit, where, according to nonprofit Higher Ground Abodes, the city has just a quarter of the affordable homes needed, but also across the state.
In a lawsuit filed this week in federal court, UWM and its CEO are accused of pressuring brokers to send their clients to UWM which in turn pushed homebuyers into expensive mortgages.
The annual income needed to afford even a basic home in the U.S. has risen sharply since the pandemic, a new report shows.
Michigan law states that cities cannot assess homes at more than 50% of their market value.
It will be enforced this fall, and sellers who fail to get a HERD report will face a $500 fine.
The landmark deal, if approved by a court, could cause real estate fees to drop by as much as 30%, experts say.
The White House is proposing a "mortgage relief credit" that would give homebuyers an annual tax credit of $5,000 for two years.
It's worth politely asking your agent to lower their commission fee. More than half of those who do so are successful.
Friedman Real Estate purchased the Renaissance Center Towers in downtown Detroit for $15 million.
Mortgage rates recently hit their highest levels in more than two decades, pricing many out of the market. Here's what to expect in 2024.
According to Redfin, roughly 6% of home sales resulted in a loss to the seller, and that number has doubled since last year.
Americans flocked to suburban areas during the pandemic — one of several reasons why rent increases there have outpaced urban areas.
Kenny Parcell, the trade group's president, steps down after a New York Times report alleged he sexually harassed multiple women.
There are several reasons why it's taking longer for millennials to buy property, one of which is they're being outbid by boomers.
A decade ago, a typical newly built home cost $60,000 more than an older property. Now existing homes can cost just as much.
A Detroit rapper and TikTok star hopes to revitalize the neighborhood he grew up in with his "Buy the Block" campaign. After months of work, he's made his first purchases.
The surge in real estate prices, coupled with rising mortgage rates, has made buying a home prohibitively expensive in most larger cities.
A little-known surcharge set to change on May 1 could impact consumers in different ways.
With all-cash offers, there's less chance of a sale falling through and usually a faster closing.
The gap between renting an owning is the largest it's been in more than 15 years, an industry analysis found.
As the spring homebuying season approaches, affordability is at its lowest point in history, one economist said.
Federal officials say Sean Tissue faces a maximum of 20 years in prison for wire fraud and five years for bankruptcy fraud.
The shooting happened in the area of Reno Street and Rossini Drive.
The former CBS News journalist and author of "Battle Scars" talks about the ever-present stresses that American military personnel face serving overseas, and how PTSD need not be permanent.
Detroit City FC will host Indy Eleven in the USL W League's Central Conference Final on Sunday afternoon.
He worked with director James Cameron on the "Titanic" and the "Avatar" series.
Detroit City FC returns to Keyworth Stadium this Saturday for an Eastern Conference matchup against Tampa Bay Rowdies.
The shooting happened in the area of Reno Street and Rossini Drive.
A cheerleading coach at a Michigan high school is being investigated for allegedly having inappropriate interactions with a minor, school officials said.
Detroit City FC will host Indy Eleven in the USL W League's Central Conference Final on Sunday afternoon.
Clinton Township Supervisor Bob Cannon said he's excited to see new businesses invest in the area after Lakeside Mall closes.
The community continues to come together to honor the life of Oakland County Sheriff's Deputy Brad Reckling who was fatally shot on the job in June.
The company said the temporary layoffs will impact about 1,600 workers for the month of July.
American automakers are pushing back against a federal safety ruling that involves automatic emergency braking technology in new cars.
Dearborn Village Ford general sales manager Jay Sturtz says they're resorting to good old-fashioned pen and paper while they wait for CDK to come back online.
The board of General Motors approved another $6 billion share repurchase as the Detroit automaker continues to build momentum in 2024.
United Auto Workers union President Shawn Fain and other union leaders are under investigation by a federal court-appointed monitor, according to a court filing.
He worked with director James Cameron on the "Titanic" and the "Avatar" series.
It's the dawn of a new era at the Nathan's Famous Hot Dog Eating Contest. Patrick Bertoletti is the new men's champion, and Miki Sudo set a new record and retained the women's division title.
Attorneys for Alec Baldwin's "Rust" said the incentive would have been used to pay a settlement to cinematographer Halyna Hutchins' family.
Usher accepted the lifetime achievement award at the 2024 BET Awards, and Will Smith debuted a single as he continued his comeback from slapping Chris Rock at the Oscars two years ago.
Martin Mull came to national fame with a recurring role on the Norman Lear-created satirical soap opera "Mary Hartman, Mary Hartman," and the starring role in its spinoff, "Fernwood 2 Night."
The former CBS News journalist and author of "Battle Scars" talks about the ever-present stresses that American military personnel face serving overseas, and how PTSD need not be permanent.
He worked with director James Cameron on the "Titanic" and the "Avatar" series.
The suspect fled the party, then shot and killed himself after a car chase, the Florence Police Department said.
The raccoon had just stolen a slice of cheese, a harmless caper, until it became clear to everyone that this mammal had bitten off way more than it could chew.
The figure marks the largest volume of air travel complaints by consumers since 2020, when airlines were slow to give customers refunds during the pandemic.
One day after Independence Day, air quality levels in Metro Detroit were high. Experts said pollution after a fireworks show is just one of many cons during big events.
One product contained 16 different metals, with researchers calling for rules requiring manufacturers to test tampons.
A big part of celebrating the Fourth of July is honoring those who've served. However, this time of year can also be a nightmare for veterans if you're not mindful about where you're lighting your fireworks.
Hatch has received two reports of people being shocked after plastic on the product's AC power adapter came off.
A case of H5 influenza, also known as bird flu or avian influenza, has been confirmed in a man who was working at a dairy farm in northeastern Colorado.
Detroit City FC will host Indy Eleven in the USL W League's Central Conference Final on Sunday afternoon.
Detroit City FC returns to Keyworth Stadium this Saturday for an Eastern Conference matchup against Tampa Bay Rowdies.
The Detroit City Football Club women's team earned its first-ever playoff match after beating River Light 3-0 on Friday.
Detroit City FC is set to host River Light FC in its first-ever playoff match since forming a women's team in 2020 in the USL W League's Central Conference Semifinal.
The 27-year-old played in the American Hockey League with the Chicago Wolves and the Laval Rocket in the 2023-2024 season. He was originally signed by the Grand Rapids Griffins in March 2020.
U.S. Energy Secretary Jennifer Granholm and U.S. Transportation Secretary Pete Buttigieg appear on CBS Detroit's Michigan Matters this Sunday.
The University of Michigan's Ross School of Business is celebrating its 100th anniversary this year.
The three top elected county leaders essentially run the Metro Detroit region.
U.S. Rep. Shri Thanedar appears on CBS Detroit's Michigan Matters and talks about the mental health crisis impacting the nation, the fallout of the war in Gaza and his re-election campaign.
Lisa Ford appears on CBS Detroit's Michigan Matters and talks about Michigan Central Station, which her husband, Bill Ford, Executive Chair of Ford Motor Co., decided to bring back to life in 2018.
We'll see lots of sunshine with light winds today.
The Detroit Police Department is cracking down on crime connected to unpermitted parties across the city.
One day after Independence Day, air quality levels in Metro Detroit were high. Experts said pollution after a fireworks show is just one of many cons during big events.
The Detroit Red Wings development camp wrapped up on Friday and during the final stretch, something special was noticed. There were more female coaches than usually seen within an NHL program.
Hall Road in Clinton Township has seen some major changes over the years, including the closing of Lakeside Mall this summer. Now, Partridge Creek Mall is seeing an increase in development after years of business cooling off.