ANN ARBOR, MI — University of Michigan graduate Chloe Hill said she’s been saving up and looking to buy a home in Ann Arbor for several years, but she’s struggled to find much she can afford on her $55,000 salary as a UM employee.
“I had basically given up finding a decent, quality home,” the 33-year-old Ann Arbor renter said.
At one point, she considered settling for an old, dilapidated condo. She found one decades-old condo priced just barely within reach, but was discouraged when another buyer put in an offer about $50,000 over the asking price, she said.
“I’m always joking with my friends, like the best way to buy a home in Ann Arbor is to have bought a home back in the ’80s or the ’70s or something,” she said, noting today’s skyrocketing prices. “Whenever I want to purposefully have a bad time, I look up the pricing history on these Zillow listings.”…