Michigan One Of Nation’s Best For Middle Class Home Buyers

The home buying scene has not been great to those that have become adults in the last 15 years as the market continues to rise with no imminent crash in sight. For some young adults owning their own home is something they feel could never happen while others are clinging on to their houses because it's too expensive to move in the current housing climate.

The older generation doesn't quite understand the struggle that middle aged and young adults are facing now as they are trying to establish themselves in the world. The inflation rate in both the general economy and the housing market has forced adults to buy houses later and to have roommates/apartments longer. Although they have been dealing with these challenges, Michigan is going to be the place for them to look to settle down over the next decade.

Life used to be much easier and simpler for those in the middle class, but now middle class means something different in each state but generally, they're all struggling to stay afloat. Michigan is a state that falls amongst the middle of the pack for a middle-class salary as on average middle class earners in the state have a $60,020 salary.

An article on gobankingrates.com compared the salaries to the current affordability measures for homes within each of the 50 states. Michigan was one of the top states in the country to purchase a home in the next decade when using median home price, personal income per capita, and home price to income ratio as factors. Here is how Michigan stacked up against the other states:

Michigan would land in the 6th spot with the following numbers:

• Median home price: $241,475
• Personal income per capita: $60,020
• Home price to income ratio: 4.02

North Dakota, Iowa, Illinois, Ohio, and Pennsylvania would be the 5 states that came in above the Mitten state. So, if you're looking for a state that will allow you to own a home and live a modest life within the next 10 years, Michigan should be at the top of your list. Also, if you're looking to sell your home or buy a new house, sounds like the market may be heading in the right direction.

Here's a list of states that are hopping on the move to Michigan bandwagon: