housing

UPDATE 2023-11-13: Related to 210 Fairbanks / 628 Coit Ave N - Resolution authorizing conditional approval of tax exemption and payment in lieu of taxes (PILOT) – Union Suites on Coit II, City Commission agenda, 2023-11-14

Time to check the data again.

ZORI (Observed Rents)

A 12 month increase of $157/mo (+9.2%).

The update of the Housing NEXT needs assessment has been released.

Document @ Housing Needs Assessment | Grand Rapids/Kent County, MI 2022 [PDF, 172 pages]

Starting to see a few headlines like "Rents Slide by Largest Amount in at Least 7 Years"! So is it here? Despite all other indicators - low vacancy, high employment, etc... - is the zenith of rents behind us? Let's check the data.

Some maps flew around social media of housing costs by county. Those maps used the Median MLS Listing Price divided by the county's median income to calculate the years-to-buy metric. The years-to-buy metric is a common way to correlate housing prices to regional income. Unfortunately the low granularity of county level data hides a great deal of variability.

Related:

• Where rent is most, least affordable in Michigan, MLIVE 2023-06-24

  Kent: With an average rent of $1,326, a renter would need to make at least $25.50 per hour or $53,040 annually. 
  

What is affordable housing? What is "A"ffordable housing?

The Housing Next needs analysis was presented to the Committee of the Whole on 2020-07-21.