Two new data reports have identified Michigan as the state with the most affordable cities for homebuyers while a third report warns that the state leads the nation for power outages.
A newly published report from WalletHub ranked Michigan’s Flint and Detroit as the first and second among 300 cities ranked for homebuyer affordability. WalletHub analyst Chip Lupo said Flint topped the list because it offered “the lowest cost of living index in the country and the most affordable home prices relative to residents’ income. It also has the lowest median home price per square footage, at just $61. To put that in perspective, the price in the most expensive cities is over $1,000 per square foot.”
Detroit ranked second, albeit because more than 22% of housing in the city is vacant, thus making it a buyers’ market compared to other cities. Detroit topped a separate study of 50 cities published by Clever Real Estate that noted the city’s household income was $72,574 while homes sold for a median of just $195,000 — less than half the national average of $438,000. Thus, Detroit residents earn a median of $12,100 more than needed to afford the typical home.
But on the downside, Michigan ranked highest among the states for being the most at risk for summer power outages. A study by Wolf River Electric noted that Michigan recorded over 12,000 major power outage events and more than 34,000 hours per year without electricity between 2019 and 2023. However, Texas was close behind in second place with fewer major power outage events (7,164) but longer average blackout time (over 35,000 hours per year).
Photo: Benkrut / Getty Images
