Detroit is 7th Most Affordable Metro Area in U.S. for Home Renters
On a pure dollar basis, monthly rent costs are cheaper than monthly housing payments in 48 of the 50 most populous U.S. cities, according to a new study from Clever Real Estate, a St. Louis-based real estate company. Detroit is the seventh least expensive city in which to rent.
The analysis, which considers principal, interest, taxes, and homeowners insurance, shows that monthly home payments are more affordable than rent in only Cleveland and Pittsburgh.
Cleveland is the best metro for homebuyers, with the lowest price-to-rent ratio (11) and home prices ($187,413) of the 50 most-populous U.S. metros. Nationally, the price-to-rent ratio sits at 14.3 — up from 13 in 2019.
Detroit’s average monthly rental rate is $1,447 with a typical home value of $235,671. It’s score is 13.6.
The typical monthly home payment in Cleveland is $1,331, compared to $1,426 for rent, saving homeowners $95 monthly, or $1,140 yearly.
In the most expensive metro, San Jose, renters save an impressive $5,598 monthly, $5,309 more than the national average of $289 monthly.
The price-to-rent ratio, calculated by dividing the median home price by the median annual rent, indicates that a ratio of 15 or less strongly favors buying, while a ratio of 21 or more strongly favors renting. Based solely on this ratio and not additional monthly costs, it’s better to buy in 18 of the 50 most populous U.S. metros.
Read the full report here.
Survey: Small Business Optimism Dips in August
The NHIB Small Business Optimism Index fell by 2.5 points in August to 91.2, erasing all of July’s gain. This is the 32nd consecutive month below the 50-year average of 98. The Uncertainty Index rose to 92, its highest level since October 2020.
Inflation remains the top issue among small business owners, with 24 percent of owners reporting it as their top small business operating issue, down one point from July.
“The mood on Main Street worsened in August, despite last month’s gains,” says Bill Dunkelberg, chief economist at the Lansing-based NFIB. “Historically high inflation remains the top issue for owners as sales expectations plummet and cost pressures increase. Uncertainty among small business owners continues to rise as expectations for future business conditions worsen.”
Amanda Fisher, NFIB’s Michigan State Director, says, “Michigan small business owners have expressed concerns about the future of their businesses, so it’s not unexpected that the Uncertainty Index has reached the highest level since 2020. With so much uncertainty, it’s crucial that Congress makes the Small Business Deduction permanent, so small businesses avoid a massive tax hike next year and be relieved of some cost pressures.”
Key survey findings include:
- The frequency of reports of positive profit trends was a net negative 37 percent (seasonally adjusted), seven points worse than in July and the lowest since March 2010.
- Twenty-four percent of owners reported inflation as their single most important problem in operating their business, down one point from July.
- The net percent of owners expecting higher real sales volumes fell nine points in August to a net negative 18 percent (seasonally adjusted). Real sales volume expectations were the largest contributor to the decline in the Optimism Index along with earning trends and expected business conditions.
- A seasonally adjusted net 20 percent plan to raise compensation in the next three months, up two points from July.
- The net percent of owners raising average selling prices fell two points from July to a net 20 percent seasonally adjusted.
As reported in NFIB’s monthly jobs report, a seasonally adjusted 40 percent of all small business owners reported job openings they could not fill in their current period, up two points from July. Of the 62 percent of owners hiring or trying to hire in August, 90 percent reported few or no qualified applicants for the positions they were trying to fill.
Fifty-six percent of owners reported capital outlays in the last six months, up two points from July. Of those making expenditures, 40 percent reported spending on new equipment, 21 percent acquired vehicles, and 18% improved or expanded facilities. Eleven percent spent money on new fixtures and furniture and 5 percent acquired new buildings or land for expansion. Twenty-four percent (seasonally adjusted) plan capital outlays in the next six months, up one point from July.
A net negative 16 percent of all owners (seasonally adjusted) reported higher nominal sales in the past three months. The net percent of owners expecting higher real sales volumes fell nine points to a net negative 18 percent (seasonally adjusted).
To review the full report, visit here.
TechTown Detroit to Celebrate Two Decades of Entrepreneurship on Sept. 25
TechTown Detroit, Wayne State University’s entrepreneurship hub, announced the return of its annual celebration, Toast of the Town, to take place at 4:30 p.m. at the Wayne State Industry Innovation Center then from 6-9 p.m. at TechTown on Sept. 25.
This year’s event, marking the nonprofit’s 20th anniversary, will celebrate Detroit’s community of innovators and entrepreneurs.
The ninth annual Salute Awards, which will be presented starting at 4:30 p.m. at the WSU Innovation Center, will be hosted by “Live in the D’s” Tati Amare.
The local entrepreneurs set to receive this year’s Salute Award honor are Brittni Abiolu, founder and managing director of VentureHue; James McKissic, owner of Mac Galleries; and Jose Manuel and Teresa Vargas, owners of La Jalisciense Supermercado Y Taqueria.
Alexa and Johnnie Turnage, co-founders of Black Tech Saturdays, will receive the Marlowe Stoudamire Small Business Champion Award. The Turnages are dedicated to reshaping the landscape of technology by fostering diversity and inclusivity for Black founders and entrepreneurs. They have pioneered a groundbreaking movement aimed at empowering underrepresented communities within the tech industry.
More information about 2024 Salute Award winners can be found at techtowndetroit.org/salute.
Toast of the Town festivities will include food, shopping, immersive experiences and technology demonstrations provided by TechTown clients, alumni, building community members, and Hatch Detroit alumni.
Entry ranges from $25 for an admission-only ticket to $125 for an all-access, pay-it-forward ticket, which provides admission and unlimited food and drink tickets and covers the cost of a Toast of the Town ticket for a budding entrepreneur. Online ticket sales at techtowndetroit.org/toast will end at noon on Monday, Sept. 23. Tickets will still be available for purchase at the event and additional details about participating entrepreneurs and organizations are available at techtowndetroit.org/fest.
Lockwood Cos. in Ann Arbor Hosting Open House This Afternoon
Lockwood Cos. in Ann Arbor, a builder, developer, and manager of senior and active senior communities, invites the community to the ribbon-cutting ceremony and open house for its new state-of-the-art senior living community, Lockwood of Ann Arbor.
The community features 154 independent senior apartments, including 65 units designated as affordable housing. This pet friendly community offers spacious one- and two-bedroom apartments, all with private patios or balconies. The facility includes a commercial kitchen and dining area, offering three chef prepared meals daily, game room, arts and crafts room, barber shop/beauty salon, movie room, and fitness/wellness room.
The event takes place from 3-5 p.m. at Lockwood of Ann Arbor (2195 E. Ellsworth Road).
Dozens of Detroit Businesses to Graduate from Free Chase Program on Friday
Chase is hosting a graduation for dozens of small business owners who recently completed its Coaching for Impact program, which is dedicated to supporting entrepreneurs in historically underserved neighborhoods.
Launched in 2020, Chase’s Coaching for Impact program helps match small business owners with a Chase Senior Business Consultant to help them overcome obstacles like access to capital, customers, networks and other resources needed to grow and scale. There are 74 Senior Business Consultants in 35 U.S. cities. Given its significance, Detroit has three Chase Senior Business Consultants in market – and one is brand new.
The event takes place from noon-3 p.m. at the Chase Corktown Community Center (1620 Michigan Ave.) in Detroit on Sept. 13.
Vince & Joe’s is Presenting Sponsor for 2024 St. Jude Detroit Run/Walk Sept. 14
Vince & Joe’s Gourmet Market is this year’s presenting sponsor for the St. Jude Walk/Run Detroit benefiting the St. Jude Children’s Research Hospital. The event will take place at Wayne State University on Sept. 14 where hundreds of supporters are expected to gather honoring Childhood Cancer Awareness Month and supporting the lifesaving mission of St. Jude.
This year Vince & Joes also will host a team of employees and customers raising additional funds for St. Jude led by Executive Chef Angelo Loria. Anyone can join the team by choosing the Vince & Joe’s team on the St. Jude sign up or following this link.
For more than a decade Vince & Joe’s has been supporting St. Jude’s mission during the fall months including collecting customer donations at the register during the months of September and December. Plus the Bread, the Staff of Life campaign will take place Oct. 9-15. Donations come from 50 percent of one week of sales of the Vince & Joe’s house-made Italian breads.
Crowdfunding Campaign Launched to Complete the Retro Play Park in Detroit
The nonprofit NW Goldberg Cares is creating the Retro Play Park in the NW Goldberg neighborhood of Detroit, which is intended to transform a vacant lot into a play space and become the epicenter of safe and non-sport play for the community and the surrounding neighborhoods.
In the late 1990s and early 2000s, playground games such as four-square, tether ball, and hopscotch were common, and the Retro Play Park is looking to bring that back. This effort will be funded through the anticipated success of a crowdfunding campaign that the Michigan Economic Development Corp. (MEDC) and NW Goldberg Cares announced, which is being offered through the Michigan-based crowdfunding platform Patronicity.
If the campaign reaches its crowdfunding goal of $25,000 by Oct. 24, the project will win a matching grant with funds made possible by MEDC’s Public Spaces Community Places program. For project details and to donate, visit: patronicity.com/retroplaypark.
Shyft Group’s Builtmore Contract Manufacturing Starts Isuzu’s NRR-EV Production
Builtmore Contract Manufacturing in Charlotte, near Lansing, a go-to-market brand of The Shyft Group Inc. in Novi, has started production of the Isuzu NRR-EV at its facility. This achievement stems from a long-standing relationship between Builtmore and Isuzu North America Corp., bringing an electric vehicle option to the commercial market.
The all-new Isuzu NRR-EV combines advanced electric powertrain technology with a versatile design to meet the evolving needs of commercial fleets. It features multiple battery configurations and regenerative braking for optimal performance, along with state-of-the-art driver assistance systems and fast-charging capabilities for enhanced safety and convenience. The vehicle’s durable, high-tensile-strength frame and improved aerodynamics ensure both efficiency and longevity.
The Isuzu NRR-EV is now available for ordering, with first deliveries expected this month.
Hunt Capital Partners Provide $13M in Financing for Tribal Housing in Petoskey
Hunt Capital Partners, in collaboration with Odawa Economic Development Management Inc., the economic development arm of the Little Traverse Bay Bands of Odawa Indians, and Community Housing Network Inc. (“CHN”), announced the closing of Victories Square, a 50-unit tribal housing development in Petoskey.
Victories Square will provide a mix of studio, one-, and two-bedroom homes for 50 households earning up to 30 percent, 40 percent, and 80 percent of Area Median Income (AMI). Eight of the apartment homes will be set aside for tribal members and supported by a 45-year Project-Based Rental Assistance contract from the tribe.
The development represents Hunt Capital Partners’ 14th investment in an affordable housing project that involves tribal development partners.
Ault Alliance to Rebrand as Hyperscale Data Inc.
Ault Alliance Inc., a Las Vegas-based holding company, will rebrand as Hyperscale Data Inc. and trade under the new ticker symbol GPUS starting today. The Series D Preferred Shares ticker symbol also will change from AULT PRD to GPUS PRD.
The rebranding aims to emphasize the company’s dedication to enhancing its data center operations. Hyperscale will focus on expanding its flagship west Michigan artificial intelligence data center from approximately 30 megawatts to approximately 300 MWs, subject to the company’s receipt of regulatory approvals and the securing of adequate financing, which it may or may not obtain.
Community-driven Fundraising Campaign Launched to Save Franklin’s Historic Pickering Barn
This week Main Street Franklin partnered with community members to launch a fundraising campaign to save the historic Pickering Barn. This effort seeks to preserve the last remaining structure of the Pickering Farm, a Michigan Centennial Farm established in 1879.
The Pickering Barn, a key part of Franklin’s history, is an opportunity to blend the past with the future, promoting economic vitality and community life while preserving our unique sense of place.
The Village of Franklin, settled in 1824, grew around the Van Every Gristmill, now the Franklin Cider Mill. As the village celebrates 200 years, the preservation of the Pickering Barn becomes a pivotal part of honoring its heritage.
The Pickering Barn project aims to safeguard the historic structure through a process of deconstruction, documentation, and storage. Once secured, various opportunities to integrate the barn into the community will be explored, whether as a community house, event space, or part of a public-private partnership.
In the spirit of traditional barn-raisings, the crowdfunding campaign invites everyone to contribute what they can — whether donating, spreading the word, or offering skills.
To donate, visit here.
