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Delhi Township Celebrates New Rental Housing with Ribbon-Cutting Ceremony

Some neighbors cannot afford to purchase a home with mortgage rates greatly increasing over the last couple of years, which is why bringing new rentals is a big step in helping afford housing.
Posted at 11:27 PM, Jun 06, 2024
  • Video shows ribbon-cutting ceremony at Esker Square Apartments, a new rental property in Delhi Township.
  • Local experts share the costs of purchasing a home in today's housing market.
  • On Thursday June 6, the national average 30-year fixed mortgage APR was above 7 percent.

(The following is a transcription of the full broadcast story)

A brand new 90-home rental community opened its doors Thursday in Delhi Township. I'm your Holt neighborhood news reporter Sarah Poulos, where today marks progress. Local experts say many neighbors cannot afford a down payment on a house, and there are not many options for rent in the area.

"For Delhi Township and the surrounding Holt area, there's nothing new like this."

Just off of Cedar Street and Holt Road...

"This is creating a dense neighborhood, walkable environment."

Neighbors and local officials came to celebrate the added rentals with a ribbon-cutting ceremony...

"Delhi Township had a vision years ago of adding housing."

Scott Gillespie, founder and CEO of The Gillespie Company, made that vision a reality...

"It helps to add to the vibrancy of the community, add students to the schools, and clean up a contaminated site."

But across the neighborhood, housing challenges remain.

In the housing market today, interest rates have reached higher percentages than neighbors have seen in years, making it harder to purchase a home.

"Especially starter homes, you need a big down payment, and the high interest rates are making the payments higher."

On Thursday, the national average 30-year fixed mortgage APR was above 7 percent, greatly increasing monthly payments compared to pandemic rates...

While there are pros and cons to both, for those not looking to lock into that mortgage, experts say renting may be the way to go.

Here at Esker Square, rents start at $1,225 a month.

"People don't have to buy, and I think that's key in today's market environment."

In Holt, I'm Sarah Poulos, Fox 47 News.

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