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Boomers would rather remodel, live with their kids than enter tight housing market
Baby boomers want to downsize but don’t want to give up their stellar rate for a worse housing option. Meanwhile millennials are “house hacking” their way into the market by having tenants to cover the mortgage payments they can’t afford.
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Wallet Watch: American credit card debt reached unprecedented high this summer
This week in economy news, we’re bringing you headlines about how Michigan residents with credit card debt are managing as national record reaches $1 trillion, why the state’s affordable housing stock could get worse in the years to come and more.
Michiganders lean on credit cards as Americans reach record $1 trillion in debt
American credit card balances reached over $1 trillion for the first time this summer. Coupled with a recent hike in interest rates, some Michigan residents are fearful of experiencing a cycle of debt they can't get out of.
Why Michigan could lose thousands of affordable housing units over a decade
Most affordable housing in Michigan is built using a tax credit, but the program isn't permanent.
Wallet Watch: Fixing Michigan’s unemployment agency’s past problems
To recoup losses from fraudulent pandemic claims and overpayments of federal aid, the Michigan Unemployment Insurance Agency has made system upgrades to better detect fraud and streamlines claims.
Wallet Watch: A pepper mystery confuses gardeners across the country
A widespread mix up leaving gardeners with a surprise harvest has been dubbed "jalapenogate" or "peppergate."
Sharing meals, gardens and lawn mowers: Cohousing growing in Michigan
Michigan has five co-housing communities in Ann Arbor, Lansing and Grand Rapids. A sixth community is looking to develop in West Michigan.
Wallet Watch: $1.2B of student debt could be cleared for Michigan borrowers
Nearly 27,000 in Michigan eligible for student debt forgiveness.
Where does the UAW fit in the EV transition?
The United Auto Workers President Shawn Fain is calling this year's negotiation a generational "defining moment" at the Big Three.
Wallet Watch: Michigan mega sites caught in lawsuits
Two mega sites, large properties earmarked for future development, are facing legal action.
Michigan Amazon workers join national Prime week strike
Amazon workers at the Pontiac delivery station joined a national picket line during the retailers week of sales.
Michigan rent climbed $251 in three years – and it’s still going up
As Michigan rents keep climbing, a group called "Rent is Too Darn High" is pushing for change.
Wallet Watch: Boomers and Millennials co-exist rather than compete in housing market
Multi-generational housing and remodels are on the rise as older and younger generations adapt to limited housing stock.
Four generations under one roof: Families living together on the rise
Cost savings and larger homes were the two top answers from first time homebuyers looking for multi-generational housing.
Boomers would rather remodel, live with their kids than enter tight housing market
Baby boomers looking to downsize are instead remodeling to fit their needs.
Wallet Watch: Student loan repayments loom for 1.4M in Michigan
Full student loan repayments will restart in October after the U.S Supreme Court struck down a forgiveness plan.
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