Analysis of the Flint, Michigan Housing Market

Home , Central Michigan

"1 I 3 308 F?2 I Fltnt, I

I Mich L969 I W"Ptfr.e FLINT, MICHIGAN HOUSING MARKET

as of June 1, 1969

A RePort bY the DEPARTMENToFHoUsINGANDURBANDEVEToPMENT FED ERAL HOUSI NG ADMIN ISTR,ATION WASHINGTON, D.C.2O11I

Scptembcr 1969 AT{ALYSIS OF THE

FLINT, MICHIGAIiI

HOUSING MARKET

AS 0F JUNE r, 1969

A Report by the DEPARTI.TENT OF HOUSING ANi URBAN DEVELOPT,IEI{T FEDERAL HOUSING ADMINISTRATION WASHINGf,ON, D.C. 2O4LL FHA Housing Market Analysis Flint, Michigan, as of June 1, L969

Forewo rd

This analysis has been prepared for the assistance and guidance of the Federal Housing Administration in its operations. The factual information, find- ings, and conclusions may be useful also to build- ers, mortgagees, and other^sconcerned rriLh local housing problems and trends. The analysis does not purport to make determinations with respect to the acceptability of any particular mortgage insurance proposals that may be under consideration ln the subject locality.

The factual framework for this analysis was devel- oped by the Field Market Analysis Service as thor- oughly as possible on the basis of information available on Ehe "as of', date from both local and natlonal sources. 0f course, estimates and judg- ments made on the basis of informatlon avallable on the I'as ofil date may be modtfted conslderably by subsequent market developments.

The prospective dernand or occupancy potentials ex- pressed in the analysis are based upon an evalua- tion of the factors available on the ',as of" date. They cannot be construed as forecasts of building act ivli ty; rather, they express the prospect ive housing prodrrction which would maintain a reason- able balance in demand-supply retationships under cond jtions analyzed for the ',as of" date.

Department of Housing and Urban Development Fecleral llous irrg AcJmini stratirrn Fic-rlcl Mnrket Arralysls Serrvit:c t'lashinAt.on, D. C. FHA HOUSING MARKET ANALYSIS - FLINT MICHIGAN AS OF JUNE 1 t969

The Flint, Housing Market Area (Hl4A) is defined as Genesee County Michigan. The HMA, locaEed in east central Michigan, has a current population of 4621900, most of which is concentrated in the city of

Flint and immediately adjacenE areas. The economy is heavily depen- denE upon manufacturing industries and particularly upon the production of automobiles and automobile parts.

Nonmanufacturing wage and salary employment increased by 6oo (net) during the 1966-1968 period. rncreases in nonmanufacturing industries balanced net. declines in manufacturing during Ehe period. Employment, cutbacks did not seriously affect the housing market, and the consEruction volume has remained fairly stable in recent years. The renter vacancy rate declined, white the homeowner vacancy rate stabillzed aE r.1 percent, the result of increased population and household growth, as well as significant unit demolitions. During the next two years, emploSrment growth is expect.ed to be sright, but continued demolitions and new household formation will permit past construction levels to cont.inue.

Anticipated Ho usine Demand

Barring unexpected changes in the local economic, cemographic, and housing factors taken into consideration in this analysis, an average annual demand for 3r5OO new privately financed housing units i s projected for the Flint HMA during the tho-year forecast period endingJune 1, 197 1, including about 4oo added mobtle tromes.

)/ Data {n tltc atrcrIysis.arcr supplt:ment.1ry to a previous analysls thc area rrs of November 1, 196l . 'f 2

The most successful demand-supply relationship in the housing market will be achieved if the new units added (other than mobile homes) consist of 2'ooo single-family homes and lrloo mulEifarnily rental uniEs. The annual demand levels are lower than recent construction volumes, but, population and household growth are expecEed at a slower level than that of the L967-1969 period. Table r presents the demand for single-family houses by price ranges and for multifamily uniEs by monthly gross rents.

Occupancv Potential for Subsidi-zed Housing

Federal assistance in financing costs for new housing for low or moderate income farnilies may be provided through four differeL.t programs administered by FHA --monthly rent-supplement paJments, prin- cipally in rental projects financed wiEh market-interest-rate mortgages insured under Section ZZf(d) (3) ; partial pa)ments for interest for home mortgages insured primarily under Section 235; partial pay- ment for interest for project mortgages insured under section 236; and below-market-interest-rate financing for project,mortgages insured ur:der Section 221(d) (3).

Hoursehold eligibirity for federal subsidy programs is det.ermined primarily by evidence that household or family ir,"o*. is below estab- lished limits- some families may be arternativery eligtble for assistance under one or more of t.hese programs or under other ageistance Programs using Federal or State support. since the potential program for each is estim,ated separately, there is no attempE to eliminate Ehe overlaps."To.g program estimates. Accordingly, the occupancy potentials- discussed for various programs are not additive. Furghermo.L, f.rt,rru approvals under each program should take into account any intervening approvals under other programs which serve the same requirements. The potentialsl/ discussed in the following paragraphs reflect estimates adjusted for housing provided or under constiuclion under alternative FHA or other programs.

The annual occupancy potentials for subsidized housing FHA programs in discussed below are based upon 1969 incomes, on the occupancy of substandard housingr on estimates of the erderly population, on-Thu ApriI 1' 1969 income limitsr and on available market u"p.iiu""..!i pancy o"",1- potentials by size of units requlred are shown in tabre rr.

'l'ht: !/ occ111)rlrlcy 5x)LentJ aIs rlt.r.rrlc.Cl t<> 1n the analysl s arr' depcnclent uporr tht. capaclty of the mrrrkeL ln vlew of exlsting vac&ncy sLrength or weakness. The successfuL attatnment of the calculaEed market for subsidlzed housing may well depend upon construction in suirabty accessible locations, as well as upon the distribution of rents over the complete range attainable for housing under specific prograos. Zl Families with incomes inadequate to purchase or rent nonsubsidized housing generally are eligible for one form or another of subsidized housing. However, little or no housing has been provided under some of the subsidized programs, and absorption rates remain to be tested 3

Section 22L(d)(3)BMIR If funds are availableY, a total of about 290 units of Section 22L(d) (3)IIMIR housing probably coul d be absorbed annually during Ehe nexL two years. The potential excludes 50 units currently under construction in Flint.

Rent -Su IemenE s1 Uncler the rent-supplemenE Prograxu, there is an annual occuPancy potential for 25A units, includlng 175 units for the elderly and 75 units for fasrllies. About 15 percent of the elderly famil-ies eligible for rent-supplement are also eligible under the Sectlon 236 program.

SecEion 235, Sales Housing. Interest rate teduction Payments by the federal government could provide sales housing for low- to moderaEe- income families under the provisions of Section 235. It is judged that there is an occupancy potential for about 22O units annually under the Section 235 prograrn in rhe Flint HMA during the next two years using exception income limits. Under regular income limits, the potential r,rculd be slightty lower. All of the families eligible under Section 235 housing also are eligible under the Section 236 program and abouE 75 percent are eligible for Section 221(d) (3)BMIR housing. Section 235, Rental Housing. In the Flint area, the annual occupancy potential under the Section 236 program is estimated at 455 units, including 375 family units and 80 units for elderly individuals and couples, using exception income limits. The use of regular income limits may decrease these potenEials. All families elrgible under this progr{rm are also eligible under Section 235, abouL 75 petcent are eligible under Section 221(d)(3)BMIR, and about 4O percent of the elderly eligtble under Section 236 also are eligible for rent-supplements.

The Sales MarkeE

The market for new and existing sales housing in the Flint area has been stable in recent years, as indicated by the homeowner vacancy rate of 1.1 percent in 1967 and 1969. Construction of new single- family homes has continued at a level of around 2r35O annually since 1966, with an incrtrasing number of homes being built on a contract basis. The fairly tlght sales rnarket has resulLed from several factors, including the removal of many ()lder:, deteriorating units from the markeL by urban renewal and highway construct-ion activitles, and increasing household growth. Although single-family construction has occurred throughout the HMA, only certain areas have large subdivisions. An unsold inventory survey of the area reported lrzll completions during 1968, of which 68 percent $/ere built on a contract basis. The

!/ At the present time, funds for allocations are available only from recapcures resuIting from reductions, hrithdrawals, and cancellations of outstanding allocations. 4 remaining homes were successfully markeced, and only 12 (3 percent) were unsold at the time of the survey. Nearly all of these unsold homes had just been completed. Subst.antial activity has continued in the area of Grand Blanc, south of Flint, where several subdivisions with homes priced over $25'OOO have been built, and where homes priced well over $35'OOO have been successfully marketed. In most of the oEher subdivisions de- veloped recently throughout the HMA, however, most homes have been priced between $22r5OO and $3O,OOO. Relatively few homes priced under $2O,OOO have been built, although some lower priced subdivisions have been de- veloped in areas such as Swartz Creek and Mount Morris Township. Most of the development within the Eo\,/ns near the borders of the county, such as Flushing and Davison, has been directed toward Flint, and these areas are becoming more popular as the subr+rban spread continues. The market within Flint is primarily in exisEing homes, with the average home selling for around $22rOOO. Increasing costs of new homes have helped t.o strengthen the rnarket for existing homes in recent years, and mosL homes are sold within,a relatlvely shorE period of time.

The Rental Market

Prior to the mid 1960rs, rental units in Lhe Flint Hl4A were prin- cipally in olcler structures with two to four units. Since that time, several hundre.d new units have been built annually, and the absorption of these units has been good. The market for rental housing in the Flint HMA tightened somewhat in recent years, as indicated by the decline in the renter vacancy rate from 6.6 percent in 1967 to 5.6 percent in 1969. In part, the decline in the rental vacancy rate was the result of the remr:val of several hundred old rental units from the inventory by urban renewal act.ivity.

Mr>st of the rental units constructed in recent years have been located in Flint, Flint Township, and the area in and around Grand Blanc. These rrsually have been in moderate sized garden-Eype structures containing one- and two-bedroom units. Wlth the exception of some luxury-type units, rentals usually have ranged from $l30-$15O for one- beclroom units, and $14O-$2OO for two-bedroom units, excluding utilities. The rentals for the small number of three-bedroom unils buiit in re"cent )rears range f rom $22O-$22O, excluding uti litleis. Ntarly nlL of Lhe rt,ntal Jrrojects consLructed ln recent years have arLaine(1 succcssful occup.rncy l,rvels wlthin short periods of tlme; those projecLs relrcrted experiencing occupancy difficulties in 1967 no longer have these problems. The most successful units have been those of fering the most amenities. In a recent survey covering 1r865 ne\^rer multifanrily units, 18 were reported vacant, for a vacancy rate of about one percent. 0f the 396 fownhouses insured by FHAr none was vacant. Many of the units currently under construction have been rented in advance of completion. 5

The number of mobile homes in the area has increased in recent years, a trend which should continue during the next few years. rn response to increased mobile home sares, the number of mobile home court spaces also has increased. Some parks are beginning to deteriorate, but remaln competitive w-ith newer parks because of location and low rental charges. Average monthly rentals for moblle home court spaces within Genesee county are $45-$55, excluding gas and electricity. some parks also charge extra for children, because of school taxes. The Dost successful parks have been those located ctr-osest to Flint; parks reporting high vacancies are usually too far away from Fiint to aEtract enough tenants.^^Although rnosE mobile home parks qrq experiencing nominal vacancies, the 8OO spaces expected to be completed during 1969 within the HMA, as well as spaces in advanced ptanning for 197O should be sufficient to satisfy the anticipated demand from mobile home residents during the trrc-Year forecast period.

Econom1c. Demo p raohic. and Housine Factors

The estimated annual demand for 3r25O new housing units during Ehe next thlo years is based on the development of employlent, income, population, and housing variables described in the following paragraphs.

Employment. No nagricultural wage and salary employment averaged 1531600 during 1968, an increase of 41600 over the 1967 average of 149'OOO, but only 5OO over the 1966 average of 153,OOO. The Flint area is highly dependent on manufacturing employment, which accounEed for 54 percent of nonagricultural wage and salary emploSzment in 1968. The fluctuations in employment between 1966 and 1968 were concentrated in the durable goods manufacturing sector in which employment dropped by 5,2OO between 1966 and 1967 and increased by 3,3OO from 1967 to 1958. Labor management disputes ln the auto industry in 1967 seriously affected manufacEuring production in F1int. Although local fitms Iilere not directly involved in the disputes, union regulations pertain- ing to all industry employees resulted in decreased production levels. Disputes wlthin certain auto-related firms also had a dampening effect on employment and on auto production in Flint. By 1968, auto produc- Eion had increased, but employment wiEhin Ehe auto industry in Flint did not reach former revels. whether Ehe jobs are considered to be in transportation equipnent (which accounts for 4O percent of the jobs in the area) or fabricated metals, or other durable goods, employment in durable goods indust,ries in the area is dependent rlpor, manufacturing, and specifically the producEion of Buick and"1rlonpbi1e Chevrolet automobiles and parts at local General l.lotors plants. Concrlrr('nt wl th logst.s ln rnanrrfacturtng employment 1n I9(t7 , em- ploymenL in wholesale and retalt trade decllned by 9OO and increased by only 2OO In 1968. Most of the other nonmanufacturing industries experienced stable or increased levels and the norunanufacturing employment increased by 1r2OO annually during the 1966-1968 period. 6

TotaI nonagricultural wage and salary employment is expected to increase by about lr5OO jobs annually during the next t$/o vears. Manu- facturi r-ig gains have been minimal in recent years, particularly within Lhc' automotive industry. The proportion of total national auEomobile production at Fllnt plants has declined in recent years and this Erend is expected to continue during the two-year forecast period. Even if the makes and models of automobiles produced in the area enjoy continued success, only slight employment lncreases are expected as a result and tire total job gain in manufacturing industries is not expected to ex- ceed 3oo jobs annually. A large part of the manufacturing gain will ber the result of plant expansion by one of the area's larger firms. As in thc past years, the employment levels within the auto industries cluring the forecast period are dependent upon nationwide trends within the industry and the economy as a whole. About 1r2OO jobs will be absorbecl in tlre nonmanufacturing industries, primariIy in trade, services, anci govrrrnment.

lrrgo1US- As of June 1, L969, the median annual income of a1l families in the Flint HMA, after the deduction of federal income tax, v/as $8,575 and the median income of all renter households of tr+o or more persons was $6r575. By 197 1, median incomes are expected to increase to (i8,95O and $6r850, respectively.

Po pul aticn and Households The populaEion of the Flint HI'{A was 46219OO as of June 1, L969, an increase at the rate of 9r8OO (2.2 percent) a year since November t967, compared with 1I,45O yearly between 1964 and 1967 and 8r4OO annually from 196O to 1964. The decline in employment. in 1967, reflecEing cutbacks in the auto industry during that year, affected demographic trends as migration to the area declined considerably. Most of the p,:pulation increases t-hat occurrecl during the 7967-1969 period were in the suburban areas outside of Flint. Population increases are expected Lo taper off and average 8rO5O annually during the next t\^ro years. Declining birth rates, as well as decreased in-migration wilI result in the slower population increase.

There were an estimated L29rO5O households (occupied housing units) in the F'lint FIMA as of June 1, L969, an annual increase of 3,ooo since November L967. During the 1960-L967 period, household growth averaged 2,525. The pattern of household growth closely parallels the growth in pcpulation during the 1960-1969 period. The household increase was especially significant in the area outside of Flint City, as most of the new construction in recent years has occurred in such areas as Fiint Township and Grand B1anc Township. 0n the basis of anticipated popLrlation increases and a slight change in household size, the number of lrcus,:holds in the HMA is expected to increase by about 2r75C annually, to a Juncr 1, 197 1 total of 134,55O. -7 -

Housing Inventory. As of June 1 , 1969, there were L36r25O houslng uniEs in the Fllnt HMA, a net galn of 4r45O units since November 1, L967. The net addition of 4r45O units was the result of the construcrion of 4r750 units, Ehe addition of 75O uniEs because of Erailer movenent into the area, and the loss of 1rO5O units through de$olition and other causes. A total of 1160O units tere under construction, including 9OO single- family homes and 7OO multlfanlly units.

Slnee Lg65, when 41383 units were authorlzed, the number of units authorized for resldentlal construction has averaged about 3,45O unlts annuaIly, wlth yearly volumes declining to 3,332 tn 1958. During the flrst four mont,hs of Lg6g, about L,25L unlts have been authorized. The number of permits for slngle-family houses has declined slightly since I965, reflecting tncreaslng costs of construction and financing. Thls trend is expected to contlnue during Ehe next few years. Although new homes have been constructed in nearly all areas of Genesee CounEy' the largest concent,raElons of homes have been |n FlinE Townshlp and Grand Blanc Township. Multifamlty constructlon leve1s have also been stable l-n recent years, with mosE of the new unlts located In F1lnt' Flint Township, and Grand B1anc Townshlp.

Vacancv. There were about 7r2OO vacant housing unit.s in the Flint HMA as of June 1, L969. Included were lr1OO units which were available for sale, 1r7OO units available for rent, and 4rtfiO units which were dilapidated, rented or sold and awaiting occupancy, or held off the market for other reasons.

vacant units available for sale or rent as of June 1, 1969 repre- sented homeowner and renter vacancy rat.es of 1.1 percent and 5.6 percent, respectively. The homeowner vacancy rate is equal to that recorded in 1967, while the renter vacancy raLe declined from 6.6 percent at Ehat time. Table I

EstimaEed Annual Demand for New Si nele- fami 1v Housins Flint. Michiean. ns Market Area June 1.1969-June 1. L97L

Price range Number of units Percent of total

$ 15,OOO - $17,499 26o- 13 17,500 - 19,ggg 320 L6 20,OOO - 22,499 620 31 22,5OO - 24,ggg 220 11 25,OOC - 29,999 2m t2 30,OOO - 34,999 L20 6 35,OOO and over Z?O 11 To Eal 2r000 100

Estimated Annual Demand for Additional Multifani 1v Hou s].ns FIint, Michigan, Housing Market Are4 June 1, 1969-June 1, L97L

Three or more Gross monthly rentS/ One bedroom Two bedrooms bedrooms

$1 50 - $16e 300 I70 - 189 100 13; 1 90 - 209 45 150 2 10 - 229 20 95 3; 2 30 - 249 15 50 20 2 50 - 269 4 20 27O and over 30 m To tal 480 505 115 a/ Gross rent is shelter rent plus the cost of utilities. Source: Estimated by Housing Market Analyst. Table II

Estimated Annual Occupancy Pot.ential FIinr.,Michigan, Housing Market Area June 1, 1969-June 1, 1971

A. Subsidized Sales Housing, Section 235

Elieible family size Number of unitsl/

Four persons or less 165 Five persons or more 55 Total 220

B. PrlvaEely flnanced Subsldized Rental Housing

Rent Supplement Section n*/ Unit size Fami lies Elderly Faurllies Elderly

Effi ci ency 145 55 One bedroom 10 ,: 4; 25 Two bedrooms 30 155 Three bedrooms 20 120 Four or more bedrooms 15 55 TotaI 75 175 37s 80 al A11 of the families eligible for SecEion 235 are also eligible for Ehe Section 236 program. The estimates are based upon the use of excepLion income limits; the use of regular income limits may decrease these potentials. y/ Applications, commitments, and housing for elderly under construction under Section 2O2 are being converted to Section 236 in accordance with instructions issued March 7, L9@. I'able III

Nonagrlcultural Wage and Salarv Emplovqent Fllnt,. Mlchisan. Labor Market Area4/ 1966- 1968 (A..uat arrerag.s)b/

L966 L967 I 968 Nonagricultural wage and salary empl.oyment 153.OOO 149.OOO ljgr500

Manufacturing _q4:l'!9 79' 5oo 82,8OO Durable goods 80,4OO 75,2OO 78,5OO Fabricated metal products 13,7OC) i3, 1OO 13,466 Transportation equipment 63,8OO 59,4OO 6z,5oo Other durable goods 2,9OO 2,7OO 2,60,0.

Nondurable goods 4,3oo 4,3OO 4,3OO Food and kindred products I,600 1,600 1,600 0ther nondurable goods 2,7OO 2,7OO 2,7@

Nonmanufacturing 68.300 59,5OO 70,8OO Contract constructLon 5,600 6,2OO 5,600 Transportation, comm. & utlllties 5 ,1OO 5,OOO 5,2@ Trade 24 ,OOO 23, lOO 23,34O Finance, ins., & real estate 3 ,5OO 3,5OO 3,8OO Servlces t4 ,2OO 14'9oo 15,5OO Government 15 ,9oo 16,7OO 17,300 al lncludes Genesee and Lapeer Countles. b/ Det,ails nay not add t,o totals because of roundlng.

Source: Michigan Employment Security Commlssion. Table IV

Estlmated PercenEage D-ist es and Renter Households by Annual Income After DeducEion of Federal Income Tax FIint. Mlchisan. Houslns Market Area June 1. 1969 and June 1. 197I

t969 L97l A11 Renter A11 RenEer Annual income fami 1 ie s households4/ fami 11es househo 1d s2l

Under $ 4,OOO to 23 9 22 $4,OOO - 4,999 5 8 6 7 5,OOO - 5,999 6 10 5 9 6,OOO - 6,999 10 15 9 t4 7,OOO - 7 ,999 l2 13 11 13

8,OOO - 8,999 11 8 11 9 9,OOO - 9,999 8 6 9 6 lO,OOO - L2,499 18 1 o 18 1r 12,5OO - L4,999 13 3 l2 5 15,OOO and over 7 4 10 4 Total loo 100 100 100

Median $8,575 $6,575 $8,95O $6 ,85O

a/ Excludes one-person renter households. Source: Estimated by Housing Market Analyst. Table V

Population and Household Trends FIint Miehi s1 Market I 1960 -June 197L

April 1, November 1, June 1, June 1, Average annual chanseS/ 1960 L967 L959 t97 L L96('j--l-967 1967 -t 969 L969-r97 t Population HMA Toral 374,313 447,60 462,9OO 479,OOO 9,650 9,8OO 8.O50 Flint Lg6,g@ 207,5OO zlt,Qo 2t3,@O 1,4OO 2r47 5 l,OOO Renainder L7.7 ,373 239:;9OO 25 1, 5OO 265,60(J- 8,250 7,325 7,O5O Households Hl"tA Total 105,189 12 l, 3OO 12g,O5O 134,55O 2,525 3.@O 2,7 50 Flint 58,592 51,85O 63,3OO 64,3OO 435 915 500 Remainder 46,596 62,45O 65,75o 70,25A 2r 1OO 2rO85 2,25O a/ Rcunded.

Sources: 195O Censuses of PopulaEion and Housing. L967-1971 estimated by Houslng Marker Analysr. Table VI

L960-t969

1960 1e6! 1962 !963 Ls64 r965 t966 1967 1968 pse/

H]'IA Total 1.795 1 2.420 .693 2.912 3.331 4.383 3.619 3.431 3,332 L,211 Single-family L,797 1,626 2,25O 2,310 2,492 2,965 |tultifami1y 2,329 2, 38O 2r293 828 8 72 170 602 849 1,419 l,2gl 1,051 1,O3g 423 Area Elint CiEy 397 416 568 922 1,084 l,Ogg 742 1,OI1 427 26C- Burton Townshlp r16 114 2L3 168 191 22t 179 l2L 105 Davison Township 7t L7 29 64 67 67 110 1I9 99 132 28 Flint Township 180 L79 400 333 364 898 834 455 442 3L7 Flushing Township 29 39 53 83 103 113 88 85 93 20 Genesee Township 117 98 t42 L47 206 2t3 116 t27 180 Grand Blanc City 26 56 80 84 t54 LL2 2L9 102 54 t47 25 Grand Blanc Township 81 98 187 322 358 399 33s 267 504 109 Hount Morris Township 4zs 279 t76 184 t73 265 204 233 150 130 Swartz Creek Clty 13 4 t7 4 19 130 13I Other 7L 34 6 areas 364 362 4t6 528 654 727 769 908 1,118 258 al First four months.

Sources: u.S. Bureau of the census, c-4o constructlon Reports; local bullding inspectors, Genesee County Metropolltan Planning Commission. Table VII

Components of the Housing Inventory FIint, Michigan, Housing l"larket Area Aoril 1960- June 1969

April 1, November 1, June 1, a Tenure and vacancy 1950 L967 t969

Total housing supply ]J.2,w6. 13 1, 8OO L36.2n 0ccupied housing uniEs 105,188 124,3OO 129,O50 0wner-occupied 83, 538 97 ,25O 1OO,46tg Percent of Eotal occupied 79.47. 78.27" 77.87" RenEer-occupied 2Lr650 27,O50 28,6y) Percent of total occupied 20.67" 2r.8% 22.27.

Vacant housing units 7,688 7.500 7 r2OO Avai I abl e 4,378 3,OOO 2,8OO For sale Lr552 1, 1OO 1,1OO Homeowner vacancy raEe t.87" 1.17" T.L%

For rent 21826 1, goo 1,7OO RenEer vacancy rate LL.57. 6.6% 5.67"

0ther vacantg/ 3,310 4r 5OO 4'tfio

al Includes vacant dilapidated units, units rented or sold and awaiting occupancy, and units held off the market for other reasons.

Sources: 1960 Census of Housing. 1967 and 1969 estimated by Housing Market Analyst. a

128.t t)ob F22flint, !nch. L96g

U.S. I'ederal Housing Admini.stra- tion Analysis of the Flilt, Michigan housing market