University of Michigan top in county...

[Account Closed]

Hi,

I recently read that the University of Michigan was voted top in country. Since it is one of areas I'm interested in investing, I was wondering how that would affect real estate values.  I realize that housing costs are already quite high there compared to other cities in MI.

[Sarah Lorenz]

Hi Estelle--Yes, housing costs in Ann Arbor are some of the highest in the state, along with Birmingham, Grosse Point, etc. The spring market has been especially hot here, like other popular areas. Properties are selling within 48 hours in most cases. Rents have been rising, as well as the median home cost. Rental properties that house U of M students are quite a bit higher than those in other college towns in Michigan. Some students are paying up to $1200 per room in fraternity houses or one of the many new luxury high-rise student buildings downtown. Investment property homes that rent by the room often sell for 450K to over a million. What else would you like to know?