LANSING — Michigan Gov. Gretchen Whitmer is pushing to expand outreach to young adults looking to buy their first home, as rising rents and high mortgage rates continue to price many people out of the housing market.
State leaders say a new awareness campaign will highlight down payment assistance and interest-rate relief programs aimed at first-time buyers, particularly those ages 18 to 35. The effort is being coordinated through the Michigan State Housing Development Authority.
The Public News Service is reporting that soaring apartment costs are driving some young adults to consider buying sooner than expected, even as affordability remains a major hurdle.
The state says it has invested billions of dollars in affordable housing since 2021, resulting in the construction or rehabilitation of about 75,000 housing units. However, some prospective buyers still face challenges meeting income requirements for assistance programs.
State officials say improving awareness and access to existing programs is key as Michigan works to retain young workers and support long-term neighborhood growth.