Bipartisan legislation aims to lower cost of housing in Michigan

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(WXYZ) — Being able to buy a new home is one of the affordability issues many are dealing with right now. Some are struggling with saving for a down payment, affording high housing costs, and house-hunting with limited inventory.
I posted a question on our WXYZ Facebook page, asking, “Are you in the market to buy a home, but the growing affordability is making it increasingly difficult?” One of the many responses I got was from realtor Jeremy Alexander, who said “According to our national association, the average age of the first-time home buyer is 40!!!!”
And the National Association of Realtors says that the age of 40 is an all-time high, rising from the median age to 33 back in 2020. Now, a bipartisan group of lawmakers is introducing bills in the state legislature in hopes of increasing housing inventory to help bring prices down.
I spoke with one local lawmaker behind the bills, along with an area realtor and a first-time homebuyer for their perspectives.
Watch Alicia’s report below

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