Michigan housing market
Wednesday, August 26th, 2009Michigan is the eighth most populous state in the United States and is bounded by four of the Great Lakes and Lake Saint Clair. Situated in the north Midwestern region, the area also borders Canada and experiences significant variations in season. Very warm summers bring sun and sweat to residents while the winter brings heavy snowfall and subzero temperatures. Behind California and Florida, Michigan is ranked third for the number of registered recreational boats. This infatuation with the water has made Michigan a popular place to live because of its interesting maritime history despite being in the middle of North America and miles away from either the Pacific or Atlantic Ocean.
Michigan hosts a number of American car companies like GM, Ford, and Chrysler. The struggling automobile industry has placed a significant strain on the Michigan housing market due to the fluid workforce and constant hiring and layoff cycle that keeps people in limbo. While Michigan real estate is typically cheaper than other places in America, prime locations and properties are usually few and far between and often sold at premium prices due to their rarity. Accordingly, people given the opportunity to purchase conveniently located homes on good land are encouraged to buy if possible.