Owning property and being able to call your home your own is something many of us dream of. But with one of the most affordable costs of living in the US, what are your odds of being able to buy a home in Michigan, and how do your chances here compare to neighboring states?
To determine your odds of owning property in the state, we considered a series of factors, including the state’s income-house value ratio, Michigan house price growth, the number of households here per 1,000 people, and the home ownership rate across the state.
Ranking each US state for each factor, we were able to reveal where Michigan places among the easiest regions to purchase property.
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According to our research, with an overall index score of 65.3 out of 100, Michigan is among the easiest states to buy property in, ranking fourth behind only West Virginia (77.3), Iowa (68.8), and Maine (67.8).
Michigan’s high ranking is helped in-part by the favorable income-house value rate — 34.37% — which is above the US average (27.49%) and only slightly lower than the likes of Indiana (34.77%), Illinois (35.28%), and Ohio (36.93%).
To work this out, we considered the average income across the state ($80,803) and the average house value ($234,386).
Notably, there’s also a significant number of households per 1,000 Michigan residents — just under four for every 10 people — despite the state ranking among the top 10 by population with over 10 million people living here.
Impressively, Michigan also has a relatively high rate of home ownership, with 73.30% of people owning property here, the joint-eighth highest of all US states and above the national average (68.34%).
Finally, house prices across Michigan are some of the fastest-rising in America, with the average property worth 59.50% more in 2022 than five years ago. This places the state in the top 20, with quicker acceleration than the likes of Texas (58.70%), Massachusetts (54.80%), and New York (50.30%).
Michigan ranks among the easiest states to buy a home, with an overall home ownership rate of 73.30%, behind only West Virginia (77.80%), Iowa (76.80%), South Carolina (76.60%), Maine (76.20%), Minnesota (75.30%), Wyoming (73.80%), and New Hampshire (73.70%).
This means your chances of becoming a Michigan homeowner are generally favorable, with moneyline odds of -275. This means, statistically, you’re much more likely to be able to afford property here than not!
For even more expert insight like this, check out the latest on GreatLakesStakes.com, including everything related to Michigan online gambling.
To determine the how easy it is to buy property in Michigan, we considered four different factors for each US state:
• Income-house value ratio: The average household income divided by the average house value.
• House price growth: The percentage increase in price of an average house over the past 5 years.
• Households per 1,000 people: Calculated by dividing the number of households by the population, and then multiplying by 1,000.
• Home ownership rate: The percentage of homes in each state that are owner-occupied.
Data for these factors was collected and normalized, to give each factor an indexed value between 0 and 1. These values were then summed, to provide a total score out of four for each state. The states were then ranked from highest to lowest based on this score.
To determine your odds of owning a home in Michigan, we looked at the home ownership implied percentage and equivalent moneyline odds.
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