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Renting

Jodi Westrick / Michigan Radio

A Detroit City Council committee heard some passionate pleas for tighter rules on city landlords and their rental properties Monday.

Renters’ advocates and neighborhood groups said it’s past time to tighten up the city’s rental property, ordinance especially now that Detroit has moved from a majority-homeowner to a majority-renter city.

The proposed new rules would amend an existing city ordinance, which city leaders admit has not been well enforced in recent years.

For Rent sign
Kurt Bauschardt / Flickr - http://j.mp/1SPGCl0

In order to afford the average monthly rent in Michigan, a household would need to earn $16.24 per hour. That's nearly double the state’s current minimum wage.

Out of Reach, a new report from the National Low Income Housing Coalition, focuses on the state of rental housing in the U.S., a market where prices are skyrocketing while wages remain stagnate.

user: ifmuth

Over the past few years, renting a home has become more popular than owning one. However, according to a recent Harvard study, rent is quickly becoming unaffordable for most Americans.