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Sterling Heights, Michigan

Households in Sterling Heights, MI have an average median annual income of $60,492,

$197,900 is the Sterling Heights, Michigan’s house median worth. The worth of houses has increased by 6.2 percent in the last year in Sterling Heights. There has been a forecast made that the worth of houses will go up 7.0 percent in the following year.

On a per square foot basis, the list cost median is $132 in Sterling Heights. The Detroit Metro area has the same per square foot list cost median of $132.

$204,900 is the cost median of houses in Sterling Heights listed presently. For homes that have been sold, $188,500 is the cost median.

$1,400 is the rent cost median in Sterling Heights. The metro area of Detroit has a lower rent cost median of $1,150.

Concerning the foreclosure process, there is a first thing that occurs. It is called mortgage delinquency. Mortgage delinquency occurs if an owner of a house doesn’t make one or more payments on their mortgage.

In Sterling Heights, Michigan 0.6 percent is the percentage of houses that have mortgage delinquencies. The United States has a much higher mortgage delinquency percentage, which is 1.6 percent.

Banks and credit bureaus look at mortgage delinquencies as a serious matter that triggers red flags for them. Why? Because there are quite a few homeowners with one or more mortgage delinquencies who continue to get further behind on their mortgage payments, and there property ends up in foreclosure.

The recession that started in 2008 had a dire effect on the real estate economy. One such effect was that the value of real estate dropped a greater amount than 20 percent in the United States. 

This negative effected persisted to the point that currently quite a few owners of houses are experiencing being underwater concerning their mortgages. Being underwater on a mortgage means that the homeowner has a bigger home mortgage debt than the amount of money the house is valued at.

6.4 percent is the percentage of Sterling Heights homeowners who are experiencing being underwater regarding their mortgages. The Detroit Metro area has a much bigger underwater rate of 11,4 percent.

Early in this article it was mentioned that the value of real estate in Sterling Heights increased 6.2 percent in the last year, and that it is forecasted to rise 7.0 percent in the following year. This is quite an increase, and nationally there has been a trend in our nation of a significant rise in the value of homes in recent years.

This increase in home values makes it difficult for so many people to enter the housing market – particularly the young people who have not amassed much savings. How do they form a savings plan, and at the same time take in account rising home prices as part of there plan? They need to get an estimation (with the help of professionals) regarding the increase in the value of real estate, and put that increase in their savings plan.

And then they need to get on an aggressive savings program. Self-discipline to save will be the name of the game. Cut back in your spending now so you can spend money on a home later.