TARGET MARKET ANALYSIS: MICHIGAN’S MISSING HOUSING - HERE’S THE SCOOP BY SHARON WOODS, INCDEV FACULTY MEMBER
Across the state, cities and developers are beginning to respond to the market gaps and missing housing formats - particularly in urban places and waterfront settings. Analytic results from countless studies across the state support what most developers know instinctively - the demand for new housing is being driven by singles of all ages who are on the move and seeking for-lease, attached formats located in downtowns and urban neighborhoods.
The document above is provided for state wide averages and generally applies to individual cities, villages, and townships. However, each place has a unique profile, including geographic setting, household composition, tenure, migration, lifestyle clusters (target markets), and existing housing formats. Therefore, the magnitude of market gaps by will vary place to place.