Ann Arbor Homes of the Future
The economic climate has certainly changed over the past few years, and Ann Arbor real estate was not exempt. Home buyers are more aware of their financial situation than ever before and a new state of fiscal responsibility has replaced the ‘bigger is better’ motto. Home buyer needs are outweighing wants and this may give way to a new type of home building in the future. According to a new study by the National Association of Home Builders, ‘The lousy economy is the force behind the changing characteristics, features and sizes of homes to come, as well as the reason for the record low numbers of homes being built today’. The report predicts the following changes in homes by 2015:
- Living Rooms will disappear. The Great Room, which tends to be open to the kitchen, has become the gathering place. The formal Living Room may be replaced by a study or library. Continue reading
Doing what you can to help other Ann Arbor residents gain a foothold on the home ownership ladder doesn’t just help them–you’ll reap benefits for both your community and your own wallet. Individuals who move from renting to owning a home, are more likely to vote, get involved in community groups, and invest in their own home’s appearance. A 2001 Harvard University study showed that children of homeowners do 23% better in school. A steady flow of first-time home buyers makes it easier to sell your own starter home, when you’re ready to move up.
Affordability of housing is one of the best ways to make more people homeowners. Government-backed mortgage insurance can help to lower loan costs, and a variety of public and private programs offer low-cost loans and down payment assistance. You can help prospective homeowners save down payment funds by donating to sites like EARN, a non-profit company that uses donations to match funds saved by low-wage earners.