Homes are at the heart of thriving neighborhoods. A variety of affordable and high quality rental and ownership options help to meet the needs of our diverse residents. While our neighborhoods boast a high percentage of historical homes and buildings, an aging housing stock and lack of investment in housing over decades compared to neighboring communities creates challenges for low-income residents and those with limited housing options. Read on below to learn more about housing in Pontiac.
Home values in Pontiac are significantly lower than in Oakland County. While this makes home ownership more attainable in Pontiac for low income residents, low home values can be a sign of poor quality housing stock, disinvestment, and can impact overall household wealth and financial stability.
Pontiac homes are significantly older than in Oakland County. Over half of homes in Pontiac (53.2%) were built prior to 1960 compared to only 29.3% in Oakland County. While well-maintained historical homes contribute to the character of our community, older homes require more maintenance and often show significant signs of deterioration and blight. Repairing and maintaining these homes will increase their values and increase the wealth of Pontiac residents.
The vacancy rate in Pontiac (13.1%) is more than twice as high as it is in Oakland County (6.0%). Improving the condition of housing may help to increasing housing options and increase opportunities for renters and homeowners.
Residents in Pontiac are twice as likely to rent a home than residents in Oakland County. Renting allows residents more financial flexibility than home ownership, however home ownership can be an opportunity to build family wealth.
Despite making up nearly half of the residents in the City of Pontiac, Black or African American individuals only represent 44.4% of homeowners. HIspanic individuals have similar rates of home ownership in both areas.
Home owners in Pontiac are less likely to have a mortgage than those in Oakland County. Paying off your mortgage increases financial freedom and offers peace of mind to homeowners.
The median rent in Pontiac is about 25% lower than that of Oakland County. This indicates the availability of more affordable rental options, but could also be an indicator of lower quality rentals.