Comparing the cost of buying vs. renting a home in Detroit
According to an analysis from Bankrate, the better option is to rent for the majority of people.
According to an analysis from Bankrate, the better option is to rent for the majority of people.
The median mortgage payment jumped to a record $2,843 in April, up nearly 13% from a year ago, a new analysis finds.
The rent is high not just in Detroit, where, according to nonprofit Higher Ground Abodes, the city has just a quarter of the affordable homes needed, but also across the state.
In a lawsuit filed this week in federal court, UWM and its CEO are accused of pressuring brokers to send their clients to UWM which in turn pushed homebuyers into expensive mortgages.
The annual income needed to afford even a basic home in the U.S. has risen sharply since the pandemic, a new report shows.
Michigan law states that cities cannot assess homes at more than 50% of their market value.
It will be enforced this fall, and sellers who fail to get a HERD report will face a $500 fine.
The landmark deal, if approved by a court, could cause real estate fees to drop by as much as 30%, experts say.
The White House is proposing a "mortgage relief credit" that would give homebuyers an annual tax credit of $5,000 for two years.
It's worth politely asking your agent to lower their commission fee. More than half of those who do so are successful.
Friedman Real Estate purchased the Renaissance Center Towers in downtown Detroit for $15 million.
Mortgage rates recently hit their highest levels in more than two decades, pricing many out of the market. Here's what to expect in 2024.
According to Redfin, roughly 6% of home sales resulted in a loss to the seller, and that number has doubled since last year.
Americans flocked to suburban areas during the pandemic — one of several reasons why rent increases there have outpaced urban areas.
Kenny Parcell, the trade group's president, steps down after a New York Times report alleged he sexually harassed multiple women.
There are several reasons why it's taking longer for millennials to buy property, one of which is they're being outbid by boomers.
A decade ago, a typical newly built home cost $60,000 more than an older property. Now existing homes can cost just as much.
A Detroit rapper and TikTok star hopes to revitalize the neighborhood he grew up in with his "Buy the Block" campaign. After months of work, he's made his first purchases.
The surge in real estate prices, coupled with rising mortgage rates, has made buying a home prohibitively expensive in most larger cities.
A little-known surcharge set to change on May 1 could impact consumers in different ways.
With all-cash offers, there's less chance of a sale falling through and usually a faster closing.
The gap between renting an owning is the largest it's been in more than 15 years, an industry analysis found.
As the spring homebuying season approaches, affordability is at its lowest point in history, one economist said.
Federal officials say Sean Tissue faces a maximum of 20 years in prison for wire fraud and five years for bankruptcy fraud.
A Ferndale home has hit the market, and let's just say, this one is unique.
Police in Michigan say a startling discovery was made on the roof of a Michigan grocery store: A woman was living inside the store sign for roughly a year.
The price of a McDonald's Quarter Pounder with Cheese meal has more than doubled since 2014, data show.
Gov. Gretchen Whitmer announced that 85 new jobs will be created in Michigan to help expand the state's presence as a "high-tech hub" for the electric vehicle testing, defense and aerospace industries.
Highway safety regulators say automaker's remedy for a fuel injector recall does not actually fix the problem.
Elon Musk's Neuralink finds a brain-computer interface device captured less data a month after implant surgery.
A restaurant in Detroit was named the most beautiful in Michigan, according to a list published in People Magazine.
Police in Michigan say a startling discovery was made on the roof of a Michigan grocery store: A woman was living inside the store sign for roughly a year.
Weather officials say the tornado reached an estimated peak wind of 135 mph and touched down near the intersection of S. 10th Street and W. R Avenue. It traveled for about 11 miles, damaging home roofs and sidings.
The price of a McDonald's Quarter Pounder with Cheese meal has more than doubled since 2014, data show.
Gov. Gretchen Whitmer announced that 85 new jobs will be created in Michigan to help expand the state's presence as a "high-tech hub" for the electric vehicle testing, defense and aerospace industries.
United Auto Workers union members at Stellantis' Warren Stamping Plant voted on Monday to authorize a strike over health and safety concerns.
Members of UAW Local 869 are scheduled to vote on May 6 over safety concerns at the plant.
Technology originally developed for homeland security is now available in Michigan to inspect every inch of your car. Developers say UVeye is like getting an MRI for your vehicle.
A bill introduced to the Michigan Legislature is looking to decrease noise pollution around Metro Detroit, more particularly along Woodward Avenue.
Ford Motor Co.'s first-quarter net income fell 24% from a year ago as the company's combustion engine vehicle unit saw revenue and sales decline.
UmaSofia Srivastava resigned as Miss Teen USA on Wednesday, just two days after Noelia Voigt stepped down as Miss USA.
Brian Fox, a fellow producer and engineer at Albini's Electrical Audio studio in Chicago, confirmed Albini passed away Tuesday night from a heart attack.
'Bob Hearts Abishola', the acclaimed comedy, is signing off after its fifth season on CBS.
Tom Brady took his share of barbs from comedians, former teammates and his longtime coach during a made-for-streaming comedy live event on Netflix -- but one joke seemed to anger him.
Bernard Hill died Sunday at 79. The actor was known for his roles in "Lord of the Rings" and "Titanic."
Police in Michigan say a startling discovery was made on the roof of a Michigan grocery store: A woman was living inside the store sign for roughly a year.
The price of a McDonald's Quarter Pounder with Cheese meal has more than doubled since 2014, data show.
Highway safety regulators say automaker's remedy for a fuel injector recall does not actually fix the problem.
Elon Musk's Neuralink finds a brain-computer interface device captured less data a month after implant surgery.
Disney and Warner Bros. Discovery plan to launch a combined Disney+, Hulu and Max streaming service this summer.
Elon Musk's Neuralink finds a brain-computer interface device captured less data a month after implant surgery.
A Metro Detroit mother wants her 1-year-old transferred to a hospital out of state after she says she raised concerns about her daughter's care at Children's Hospital of Michigan.
An 11-year-old boy in Warren has made medical history. He is one of two children in the world to receive an experimental gene therapy procedure to restore vision.
Panera is phasing out a highly caffeinated selection of lemonade beverages that's at the center of several lawsuits.
Recall includes yogurt pretzels and other confections sold by retailers such as Dollar General, HyVee, Target and Walmart.
The weather was perfect for the regional Special Olympics held at Macomb County Community College in Warren.
The Olympic flame arrived in France aboard a 19th century tall ship to kick off a 7,500-mile journey to the Paris Summer Games.
Detroit will officially debut its uniforms at Comerica Park on Friday against the Houston Astros.
Here are the different ticket options fans can now purchase for the 2024 Rocket Mortgage Classic.
Tom Brady took his share of barbs from comedians, former teammates and his longtime coach during a made-for-streaming comedy live event on Netflix -- but one joke seemed to anger him.
The roundtable discusses mobility and the importance of marque events like the 2024 NFL Draft, the Detroit Auto Show and more.
By the time this presidential race is over, Biden, Trump and their entourages may not need Michigan driver's licenses, but they'll know their way around and where the orange barrel construction zones are enough to void them on their way to campaign events.
The Motor City is putting the final touches in place for the 2024 NFL Draft as it rolls into Detroit next week.
Michael Bickers, Regional President of PNC Southeast Michigan/Detroit, and Eric Poe, CEO of CURE Auto Insurance, appeared on CBS Detroit's Michigan Matters.
Businesses across Michigan are feeling optimistic about the future after weathering the historic 100-year health pandemic that impacted every company in one way or another.
Detroit comedian Mike Bonner joins CBS News Detroit to discuss the shows happening at Punchline Comedy Lounge from May 10 to 12.
From highlighting some Detroit legends to stepping back in time to Detroit's Black Bottom neighborhood, the Detroit Historical Museum has several upcoming exhibits.
A first-of-its-kind fundraiser on Saturday May, 11, will help raise funds for MiSide, an organization providing essential services for children, affordable housing initiatives and more.
Rain showers are streaming through, with cooler temperatures for today. Meteorologist Kylee Miller has your NEXT Weather forecast.
Ascension Michigan reported Wednesday that it is experiencing a disruption in its technology systems due to a cyberattack, which has also impacted Ascension hospitals nationwide.