Homeownership has been a valuable symbol of stability and wealth accumulation; especially among hard working and low income families in Michigan. Owning a home has been considered a pillar of the American Dream, so let’s take a look at this roller coaster of trends regarding Michiganders homeownership rates from 2010 to 2021.
According to the US Census Bureau, in 2010 the homeownership rate in Michigan was 74.5 percent. The following year, Michigan’shomeownership rate dropped to 74.1 percent and later jumped back up to 74.8 percent in 2012, which remained as the year with the highest homeowner rate in the decade.
By 2013, homeownership dropped to 73.9 percent and fell slightly to 73.8 the next year..
Homeownership rates ballooned for the Wolverine State in 2015 with 74.6 percent, then dropped drastically to 72.8 in 2016 which was the steepest decline in nearly three decades.
Since then, homeownership rates have remained mostly linear. From 2016 to 2019, rates have revolved at around 73 percent but by 2020 Michigan had the highest homeownership improvement in years with 74.3 percent then promptly dropped back down to 73 a year later.
The Department of Housing and Urban Development has resources to aid present and future homeowner needs. So if you’re buying a home for the first time or looking at keeping or maintaining your home- make sure to visit the website if you wish to start on that significant chapter in your life.
 U.S. Census Bureau, Homeownership Rate for Michigan [MIHOWN], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MIHOWN, May 3, 2022.