Article Summary –
Lyndon Carter, a 27-year-old homeowner in Detroit, opted to purchase a home rather than rent due to comparable costs and the potential for investment in his future, despite initially depleting his savings to do so. The state of Michigan, responding to financial barriers faced by young potential homeowners, is launching a campaign to raise awareness of assistance programs and investing in affordable housing to encourage homeownership among younger residents. This initiative aligns with the state’s goal to bolster its workforce and counteract a declining population, as attracting young homeowners has been integral to Detroit’s recent population growth and revitalization efforts.
Lyndon Carter, a 27-year-old Detroit homeowner, defies the norm among his peers, many of whom rent apartments or live with family to save on expenses. After returning to his hometown post-graduation from Michigan State in 2020, Carter saw buying a home as a future investment.
“I was looking at apartments costing $1,400-$1,700 monthly,” Carter explained. “That’s when I decided buying a house would give me more space and possibly a cheaper mortgage.”
Michigan officials are crafting a campaign to encourage young homebuyers like Carter by promoting state assistance programs. Katie Bach of the Michigan State Housing Development Authority stated that a new campaign launches in the year’s second quarter.
Gov. Gretchen Whitmer issued an executive order in Oct. 2025, directing the Michigan Housing Authority to improve communication and overcome homeownership barriers for young Michiganders. High home prices and mortgage rates were cited as financial obstacles.
Data from the National Association of Realtors shows Michigan home prices vary widely: Leelanau County is most expensive at $480,476, while Gogebic County is cheapest at $117,728.
To increase affordable housing, Whitmer’s administration has invested billions, creating or rehabilitating 75,000 housing units since 2021. New financial aid programs offer first-time buyers reduced mortgage rates and up to $25,000 in down payment assistance.
“We’ve expanded affordable housing for Michigan families,” Whitmer said in an Oct. 22 press release. “These initiatives help more people buy their dream homes or rent in thriving communities.”
Carter utilized family and friends for home-buying advice, but his income was too high for first-time buyer programs. A junior project manager at a marketing agency, he depleted his savings for the home purchase.
Meanwhile, Taylor Brown, a 26-year-old Troy resident, finds homeownership daunting due to the commitment. As a full-time medical student, her housing options are limited by student loans.
Michigan aims to strengthen its workforce with young residents amid population decline. State estimates predict a 206,000-person decrease by 2050.
Detroit, recovering from financial distress, credits young people for its population growth. Former Mayor Mike Duggan noted that many home renovators are young individuals or families.
Carter, excited to return to Detroit, faces financial challenges like taxes and insurance but doesn’t regret his decision. He rents spare rooms to help with mortgage payments.
“Owning a home offers more benefits than renting, especially if you plan to settle down,” Carter said.
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