WXYZ-TV: Matthew Roling on need for affordable housing
Home prices are hitting record highs, and rent is also on the rise, making it difficult for some people to find and keep a place to live. According to Zillow, the average home value in Michigan is more than $205,000, up 13% from April 2020. Rent Cafe reports the average rent in the city of Detroit is up to more than $1,100 a month, a 4% increase from last year. This is a problem that can cause even more damage down the road, as the CDC said it's a basic necessity for families to find safe and affordable housing. "You really just need state and federal government to create tools that make it easier for developers to build affordable housing and for residents to qualify and to live in affordable housing," Matthew Roling, an adjunct professor of finance at Wayne State University said. According to the National Low Income Housing Coalition, Detroit suffers from a deficit of about 100,000 housing units for low-income residents. The U.S. has a shortage of 7 million units of affordable housing. Roling said the term affordable housing typically refers to government-subsidized housing for low-income residents. "But these days the housing market, the 'for sale' residential market has exploded in value so much in the last year and a half, the affordable housing conversation in a lot of markets could also reasonably be construed to include that," he said.