As May comes to a close we’ll be entering Homeownership Month which is celebrated every June. Homeownership Month is a time to recognize the significant benefits that come with owning a home. To kick things off, we’ll explore some interesting facts and history about homeownership in our home state of Michigan.
The Mitten State has a High Homeownership Rate
Michigan possesses a homeownership rate of roughly 72%, which is significantly higher than the national average. This high rate can be accredited to the state’s relatively low cost of living, large housing market, and the strong cultural value identified with owning property.
Home to Many Historical Properties
Michigan is rich in historic architecture, with countless districts preserving homes from the 20th century and prior. In USA Today’s list of the 10 Best Historic Home Tours in the country, Meadow Brook Hall in Rochester ranked third in 2022 and fourth in 2024. Michigan is also home to the Boston-Edison Historic District located in Detroit which showcases grand mansions built by automotive industry pioneers. These homes often maintain their original charm and character because of the strong foundation laid out in the past, attracting buyers who are interested in historic preservation and unique architectural details.
The Motor City Revved Up Real Estate
During the Roaring Twenties, Detroit was in an especially good place economically due to the wealth from the auto industry. At the peak of the building boom in 1925, the Motor City issued a record-breaking 41,891 building permits, which included 11,951 permits for single-family homes. Charles G. Edwards, president of the National Association of Real Estate at the time called Detroit “the miracle city of the country.”
Housing in Tourist Hot Spots
Tourist destinations such as Mackinac Island and Sleeping Bear Dunes offer unique housing markets. For example, Mackinac Island prohibits motor vehicles in order o preserve its 19th-century charm. Homes in these areas are often reserved as vacation rentals or seasonal residences, attracting buyers interested in investment properties or summer getaways.
About Michigan Mortgage Lender, Julie Krumholz from Superior National Bank
For over 35 years, Julie has helped homebuyers from all walks of life make the dream of homeownership a reality. Julie has worked in processing, closing and loan origination, underwriting, QC auditing and has even co-owned a mortgage brokerage firm. She uses her experience to match individuals with the best mortgage program possible and helps them navigate the homebuying process for a smooth transition into homeownership.
