Nice video. Thanks for explaining property taxes (cap/uncap values) and max increases. When you calculated the income necessary to afford a median home (it appears) you didn’t account for down payments. Do you have figures for the median or mean down payment? Just curious how that would change the income level.
A2 has always been expensive. It's a college town and many of the students come from high income families. Also, UofM has bought much of the surrounding land with its huge endowment.
That’s true. UofM is the largest land owner in the city. The university doesn’t own a large amount of residential homes (I’m sure the own some) but that’s not what make the home values go up. More people want to live in AA then there is housing. The city is growing each year.
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Nice video. Thanks for explaining property taxes (cap/uncap values) and max increases. When you calculated the income necessary to afford a median home (it appears) you didn’t account for down payments. Do you have figures for the median or mean down payment? Just curious how that would change the income level.
Thank you. Downpayment really depends on your personal and financial situation. You can do as little as 3% down or go as high as 20%.
@@TRULIVINGMICHIGANwhat did you figure though when calculating the $200k income to afford a $650k home?
A2 has always been expensive. It's a college town and many of the students come from high income families. Also, UofM has bought much of the surrounding land with its huge endowment.
That’s true. UofM is the largest land owner in the city. The university doesn’t own a large amount of residential homes (I’m sure the own some) but that’s not what make the home values go up. More people want to live in AA then there is housing. The city is growing each year.