For decades, Cosmopolitan Home Magazine has been covering prestigious homes. Trust me, I worked there for 6 years, this place is no joke. “Home of the Year” award is an honor that recognizes the best of the best in West Michigan from those who know.
Congrats to Mike Stevens, one of two partners who started Founders Brewing Company, and now proud owner of the Home of the Year! Mike and his partners fought their way from obscurity and near-extinction, through redefinition of the craft beer industry, to domination in today’s market. What a great story, and a deserving recipient.
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Grand Rapids Michigan moved up on the list of Best-Performing Cities this year from #48 to #25, becoming the only Midwest metro on the list. Other Cities in the top 25 include San Francisco (#1), Austin (#2), Denver & Boulder (#13 & 14), Portland (#16), San Diego (#22) and Charlotte (#23).
The Milken Institute is “a nonprofit, nonparitsan economic think tank” that “works to improve lives around the world by advancing innovative economic and policy solutions that create jobs, widen access to capital, and enhance health.”
“GRAND RAPIDS–WYOMING, MICHIGAN, vaulted 23 places to 25th place, becoming the only Midwest metro in our Top 25. Strong job growth, which was 7 percent above the national average in 2012-13, coupled with recent wage growth contributed to the metro’s improved showing.
“Building on the existing manufacturing base, jobs are beginning to return to the Grand Rapids-Wyoming metro after a sharp drop in employment during the recession. The metro lost more than 10,000 manufacturing positions between 2008 and 2009, and was still slightly below 2008 levels of sector employment in 2013. However, the machinery manufacturing sector added 1,291 jobs between 2008 and 2013, with half of those jobs added in 2013. The fabricated-metal manufacturing sector also added jobs–637 in 2013–and this recent momentum is creating a sense of optimism.
“Firstronics, which provides electronics manufacturing services and focuses on contract medical-device manufacturing, announced in late 2013 that it would add 110 jobs and committed to a $2.45-million expansion in Grand Rapids.”
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Median Home Price: $123,000 Job Growth: 4.2 percent
“In your 20s and early 30s, it’s hard not to notice the siren song of real estate. After all, mortgages rates are still at all-time lows and in many markets, buying can be cheaper than renting. You might also have been brought up to consider housing an investment and renting as ‘throwing money away.’
“If this sounds like your experience, then you might want to read up on this latest survey by the National Association of Realtors, who rounded up the hotspots where strong job growth and affordable home prices might persuade you to consider making the jump. According to their report, these are the markets that “are well-positioned to soon experience a rise in first-time buyers as the economy improves.” And, surprisingly enough, of the 100 metro areas that were analyzed (see below for more detail), some of the more popular millennial-based citiesdidn’t make the cut.
Realtor.org
NAR Identifies Best Purchase Markets for Aspiring Millennial Homebuyers
“NAR analyzed current housing conditions, job creation and population trends in metropolitan statistical areas1 across the U.S. to determine the best markets for aspiring, leading edge Millennial2 homebuyers. Austin, Texas and Salt Lake City were identified as top standouts for Millennials for having a young adult population with solid job growth rates and still relatively affordable home prices. Seven of the 10 metro areas recognized are in the Midwest and West.
“Lawrence Yun , NAR chief economist, says the homeownership rate for young adults under the age of 35 peaked in 2005 (43 percent) and fell to 36 percent in the first quarter of 20143.
“‘Limited job prospects, student debt and flat wage growth have combined with tight credit conditions and low inventory to price Millennials out of some of the top cities such as New York and San Francisco,” he said. “However, NAR research finds that there are other metro areas Millennials are moving to where job growth is strong and homeownership is more attainable. These markets are well-positioned to soon experience a rise in first-time buyers as the economy improves.’
“NAR analyzed 100 metro areas that have a large Millennial presence, solid local job market conditions and strong migration patterns of young adults moving to that particular area to determine the best purchase prospects for young buyers. Housing affordability and inventory availability were also considered.”
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“The Rapid public-transit system is paying HDR Inc. $293,895 to refine the 2008 study, updating what an electric streetcar line would cost and how the money could come together. An advisory committee started meeting last month.
“‘We’re going to build on that (2008 study),’ said John Logie, a former Grand Rapids mayor who is chairman of the committee. ‘We think the timing is right. The economy is coming back.'”
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Forbes recently ranked US cities based on current market prices as compared to what Local Market Monitor deemed an “Equilibrium Price:”
“choices were ranked primarily on four factors: population, home prices, and the local jobs economy. Each of our Best Buy Cities have high population and job growth, relatively low home prices, and are still considered under-valued…
“The key to coming up with this list is a proprietary measure that Local Market Monitor dubs the “Equilibrium Home Price.” Basically, it tracks what the average price for a market should be, if speculation, weird distortions in local income, and other factors (like the housing collapse) weren’t present in the market. The measure presumes that prices will eventually return to this level. When homes are far under the equilibrium price, investors are getting a good buy and can expect to make a good return. The other important consideration for investors is, of course, a healthy local economy. After all, there is zero point in purchasing a home in a market where the population is fleeing. That’s why Best Buy Cities are places where opportunities are growing.
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Some 400,000 people will pay a visit to downtown Grand Rapids over the next month. It’s hard to avoid Art Prize Fever, especially with the “Ninkasi, Goddess of Beer” installation (by Kolenda) at the new Founders Tap Room! I don’t have any more 2013 spoilers for you, but here are some links to a few national and local ArtPrize articles, as well as a few of my favorite photos from 2012.
“Ninkasi, Goddess of Beer”
at Founders Brewing, 2013
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