Over the past 12 months, there have been over 183,000 residential property transactions in Michigan. The median home value in the state is valued at approximately $216,137. There are also over 2,502 properties in foreclosure and 209 bank-owned properties that are currently going for auction.
The direction and pace of home price changes are important indicators of the strength of the market and whether or not homes are becoming more affordable. The national median home price is currently around $247,000. In Michigan, the median home value is just slightly below this figure.
According to the 4th annual migration report released by HireAHelper.com, a moving company, over the past year, the number of people moving out of Michigan has increased by 29%. The report also noted that the state had the 14th-highest net loss when it comes to people leaving the Great Lakes State. The company analyzed over 90,000 inbound and outbound moves made by its users across the country.
The report noted that the harsh winters and the lack of jobs are some of the main reasons why people are leaving Michigan. It also noted that the state is one of the most popular places to relocate due to the decline of the auto industry.
The number of people moving out of Michigan mirrors the trend observed in the rest of the Midwest. Over the past couple of years, the region has seen a steady increase in the number of people moving to southern states for retirement. Aside from the cost of living, other factors such as the rising crime rate have also contributed to the increasing number of people leaving Chicago.
Image source: Flexmls