Grand Rapids and Lansing, Michigan Remain 2018 Housing Market Leaders
Grand Rapids and Lansing, Michigan continue to hold their place on the list of top 10 destinations for new homebuyers in 2018. With a hot job market, affordable homes, and a reasonable cost of living, it’s easy to see why both areas remain popular.
According to Real Estate research group, Trulia.com, the same reasons have created a large number of home buyers under the age of 35 and have heated up West Michigan demand in that group. For that reason, the area has begun to see several other trends emerge.
Many Millennials are choosing to buy or build in neighborhoods that are outside of urban areas but still provide easy access to nearby cities. Instead of moving to the city itself, buyers are recognizing the lower costs and high availability of affordable homes that exist just outside of the city limits.
That trend has had another interesting effect. Instead of choosing “24-hour cities” such as New York or Los Angeles, Millennials are instead moving to “18-hour” destinations, such as Grand Rapids, where late-night cultural and social opportunities exist but stop short of all-night action. The slight reduction in social opportunities also creates lower housing prices.
Other interesting shifts in buying trends are driven by rising opportunities in areas that are experiencing a renaissance, and also by Green living options. Energy efficient housing, such as those offered by Eastbrook Homes, are more desirable and help contribute to the rising interest in the green living movement.
In 2017, more than one-third of all new home purchases were made by Millennials. As a more budget-oriented generation, they recognize that purchasing a home is a smarter financial move that helps to secure their own future. For people considering a home purchase, Zillow provides a handy Rent vs. Buy Calculator to help potential home buyers decided what’s best for their needs.
With interest rates still at lower ends of the spectrum, buying or building a new home can often be comparable in cost to renting but with sizable benefits. Owning a new home allows the homeowner to build financial equity in their own property instead of contributing to someone else’s ownership goals.
At Eastbrook Homes, we already know that Michigan is a great place to live. With communities throughout West Michigan, Grand Rapids, and the Greater Lansing areas we have a variety of styles, floor plans, in environments which present affordable purchasing opportunities, including communities that offer Rural Development loan options.
No matter what generation you are a part of there has never been a better time to purchase a new home. If you are considering a new home building project for 2018, please contact the Eastbrook Homes team to discuss our available options today.
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