The recent check on housing units shows 586 permits pulled in Leelanau County for housing since 2023. Of these permits, only 31 are for units that provide below market rate housing or those making below 120% of the area median income (AMI). Leelanau County needs 1,885 below-market-rate housing units, but only about 251 are currently in progress and of those, approximately 100 of these are affordable. We still need at least 1785 units below 120% AMI for those that currently live in the County or those that would live here if there was affordable housing.
Using the 30% rule we need housing that costs less than $2,000 per month or is priced under $300,000 for purchase. With the current median rent at $2,000 per month and homes selling for around $700,000, a family of four would need to earn at least $80,000 to rent and between $175,000 and $235,000 annually to buy a home.
Household sizes are changing. Smaller families are becoming the norm. Not everyone needs (or can afford) a large single family home on five acres. While many nonprofit developers are tackling this issue, we need more opportunities and different housing options. More importantly, we need more units of governments leading the way like Frankfort, Traverse City, Petoskey.
