Market Study
Ann Arbor MSA
Employment
Ann Arbor MSA Employment- BLS 2020
*Data from the U.S. Bureau of Land Statistics 2020 Survey
As seen above, within the Ann Arbor MSA the vast majority of the population works in educational services and health care, far greater than the national average. While these services are critical, they often pay somewhere in the 60-80% of the AMI range within a typical MSA. Due to this underpayment of these critical employees, affordable housing is a necessity for Ann Arbor to sustain its largest sector of employment.
Income and Population Growth
While the population of the Ann Arbor MSA has seen slight growth over the course of the past 5 years, with a low projection of growth in the near future, there has been a significant increase in Income growth and Employment growth. This dual-pronged growth has facilitated significant rent growth in recent years, increasing the housing price for all Ann Arbor residents. However, despite the increased prices, net absorption of Multifamily units has reached an all-time high in Q3 2021, seen below, demonstrating the overall necessity for housing within the market.
