migration of business from Detroit to Northern Oakland County is causing a residential population shift. As people move from metropolitan areas in northern Oakland, southern Genesee County is experiencing the fastest new housing growth in Southeast Michigan. The county's proximity to Oakland and its more affordable housing have made it the location of choice for new homes. Over 25,000 Genesee County residents now commute to jobs in the out-county area.
With a population of 436,000 residents, the area is listed as having one of the highest median family income rates in the country. With three major hospital institutions and five higher educational institutions, the area is rapidly becoming a white collar community.
Genesee County's housing starts are increasing at a faster rate than any other southeast Michigan county.
The residential value in Genesee County has increased by its' highest amount ever. The total value of all property has increased from $700 million in 1998 to $8.83 billion. The study also shows a 5.3 increase in the taxable value of all property.
Home sales have climbed from 4,000 units to over 4,500 units per year since 1990.
The median price of a home in Genesee County is 24% less than the national average, making home ownership very affordable for its residents.
74.4 percent of Genesee County houses were affordable to residents earning the counties median family income of $49,000.
Average Housing Costs (3 bedroom, 1 ½ bath, 1800 sq. ft.) $95,000-$105,000
Average Number of days to sell 76
Average Mortgage Payment (PI @ 8.5%) $612
Average Executive Housing Costs (4 bedroom, 2 ½ bath, 2500 sq. ft.) $150,000-$180,000
Average Number of Days to Sell 89
Average Mortgage Payment (PI @ 8.50%) $996
Average Monthly Apartment (2 bedroom, unfurnished rent) $400