Overview of the Commercial and Residential
Real Estate Market in Michigan
With more freshwater shoreline than any state and ranking second only to Alaska in total shoreline, Michigan has the highest number of boat registrations. Michigan is the only state made up of two peninsulas. The upper and lower peninsulas are connected by the 16th longest suspension bridge in the world. The Mackinac Bridge, also known as Big Mac or Mighty Mac, stretches five miles across the Straits of Mackinac. The "Wolverine State" no longer has any wolverines, but is still 50 percent forest land. The remote woodland and many lakes of Michigan attract hunters, fishermen, and nature lovers from all over the world. These tourists spend $17.2 billion each year and support more than 193,000 tourism jobs across the state. The median home value for Michigan is $128,600. That is more than twice the median value for the city of Detroit ($59,700) and more than $38,000 higher than the $90,000 median value in Michigan's capital city of Lansing. With a population close to 10 million, Michigan is the ninth most populous state in the country and has a median household income of $48,471, according to the United States Census Bureau. That is based on a per capita income of $25,547. The home ownership rate is 72.8 percent for Michigan.
Though much attention is focused on the economic troubles of Detroit (38 percent are below poverty level in the city), Michigan ranks high in job creation, high tech employment, and attracting new businesses. Ford, Chrysler, and GM have rebounded significantly in recent years and the existing infrastructure, along with its 38 deep water ports, make Michigan an appealing business location for major corporations. With housing prices low, only 18 percent of residents live in multi-unit structures. That number is 28.7 percent for Lansing and 27 percent for Detroit. The robust tourism industry drives most of Michigan's retail development.
Office Rental and Executive Suites in Troy, MI
How to Become a Realtor in Michigan
Under the Michigan Department of Energy, Labor & Economic Growth, the Michigan State Board of Real Estate Brokers and Salespersons regulates the activities of the approximately 70,000 real estate agents, brokers, and associate brokers across the state. Applicants must be at least 18 years old and complete an approved 40-hour license course. After passing the state real estate exam, licensees are required to complete six hours of continuing education each year for three years (license renewal is every three years). Michigan stipulates that agents be of good moral character and, if they have a license in another state, provide a letter of good standing from that state. Agents need three years experience as a real estate salesperson or equivalent experience to become a real estate broker. Michigan has no reciprocity with other states and applicants must meet all aforementioned requirements for licensing.