According to the Detroit Association of Realtors, 2006 will be a historically strong year for housing sales in Michigan. While sale prices are expected to increase slightly. The number of home sales will also decrease slightly, but will plateau at a higher mark than in previous housing cycles. In short, 2006 should be a good year for home purchases in Detroit.
Quick Detroit Housing Facts
Percent of Homeowners in Detroit: 73.8%
Percent of Renters in Detroit: 26.2%
Median Detroit Household Income: $44,667
Average Detroit Credit Score: 680
Best City to Live in Michigan: Rochester, Saline, DeWitt, Caledonia
Median Detroit Home Value: $115,600
How Much Real Estate Can I Afford in Detroit?
If you’re wondering whether you are in a financial situation to become a homeowner in Detroit, you have come to the right place. We have a selection of mortgage calculators that are designed specifically to help people like you determine their purchasing power. But before you start number crunching, we recommend pondering the following questions:
- How much am I willing to spend on my monthly mortgage payment? Be sure to consider how much you can afford as well as how much you are willing to spend. If you budget realistically, you will be more likely to avoid an undesirable financial situation in the future.
- What kind of payment plan will work well for me? Check out the 30 Year Fixed Rate Mortgage first; it works well for many Americans.
- What are the property tax rates in Detroit?
- What are the average interest rates in Detroit?
Refinancing in Detroit
Homeowners refinance to lower their monthly payments and overall amount due on their mortgage. There are two common situations people refinance from. If the market interest rate drops 2% below the interest rate they are paying, many homeowners refinance. Likewise, if a homeowner’s credit score improves drastically and therefore qualifies them for a lower interest rate, the homeowner is likely to refinance. Whatever the situation, a refinance should always benefit you.
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