Opinion: Housing costs in Michigan are skyrocketing. Is there hope on the horizon?
In the last two years, the price of the average Michigan house rose by $50,000 according to Zillow Research, reaching $224,000 at the end of February. Similar increases are occurring all over the country. Homeowners are wondering if this is a housing bubble about to crash. Young adults are wondering if their plodding wages will ever catch up with galloping home prices. And policymakers in Michigan’s cities and statehouse are wondering what to do about it.