Housing Fact Sheets Summarize Housing Demand in Northwest Michigan
FOR IMMEDIATE RELEASE
June 2, 2020
TRAVERSE CITY, MI – A new set of housing fact sheets provide an easy to understand summary of the demand for housing in Northwest Lower Michigan. The fact sheets are a follow-up to a Target Market Analysis released in late 2019. That study was conducted by market analyst LandUse USA and coordinated by Networks Northwest and Housing North.
The fact sheets include information about the projected annual demand for rental units and new ownership units through 2025. There is one fact sheet showing information for the entire 10-county region and sheets for each county which also include select communities in those counties. The housing demand is broken down by household incomes and the rents or home values those incomes can afford.
The market analysis points to a regional total demand for 10,880 new rental units in 2020 and 4,660 new ownership units in 2020. Most of the demand is for lower-priced housing units: about two-thirds of ownership housing demand was for units priced below $200,000, and 83 percent of the demand for rentals was for rents of $800 per month and less.
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Our Township greatly benefits from Network Northwest's experience, depth of knowledge and understanding. Because they work with so many diverse communities in our ten-county region they understand the local land-use issues and are already working on solutions by the time we realize we need some help.Susan Odom, Chair, Suttons Bay Township Planning Commission