Warren’s housing market is running on a full tank. Active listings dropped 18 % year-over-year to just 210 homes for sale in March 2024, pushing median prices up 5.4 % to $185,000. Entry-level buyers target the Warren Woods subdivision south of Chicago Road, where 1,000-sq-ft ranches list around $155k and still accept FHA financing. Move-up buyers head toward Bear Creek north of 14 Mile, where 1960s colonials on half-acre lots trade closer to $250k. Investors have cooled thanks to Macomb County’s 1 % transfer tax and rent-cap ordinances, giving owner-occupants a fair shot again.

• Days on Market: 28 (down from 34 last spring)
• List-to-Sale Ratio: 98 % (sellers rarely accept big cuts)
• Foreclosure Filings: 1 in every 2,800 homes—well below the national 1:1,400

New construction is limited—only 14 permits issued YTD for single-family—but the city is courting developers to re-tool the 150-acre former GM Technical Center overflow lot into mixed-use, which could add 800 condos and townhomes over the next decade. For now, buyers rely on NMHL’s renovation loans: FHA 203(k) Limited to $35,000 or FNMA HomeStyle for larger gut jobs—both close in the name of the buyer, not the contractor, keeping Warren’s skilled trades busy.

First-timers on a $60k–$75k household salary can still own in Warren if they know where to look. Start with the area nicknamed "south of 696" (zip 48089) hugging the Detroit border: modest 900-sq-ft bungalows sell for $130k–$150k, and the neighborhood qualifies for both USDA-RD (100 % financing) and the city’s $7,500 grant because census tracts are moderate-income. Another sweet spot is Fitzgerald (zip 48091) around Alma and Toepfer; 1950s brick ranches here have updated electrical, walk-out basements, and sell $145k–$170k. The school district’s new STEM center has nudged millennial parents toward the area, boosting rents and long-term equity growth.

Prefer newer roofs and bigger garages? Head to Warren Con north of 13 Mile between Van Dyke and Schoenherr. Built in the 1960s–70s, these 1,300-sq-ft tri-levels feature attached 2-car garages and sell $175k–$190k. NMHL’s 3-Percent Down Conventional covers the whole price range with no PMI if you complete our online HomeBuyer U course. Veterans should target the Beechwood pocket east of Mound—quiet streets, quick hop to Selfridge ANGB, and prices under the VA zero-down limit.

Nobody should let the down payment keep them renting on 8 Mile when they could own in Warren. Combine these local programs for maximum punch:

• City of Warren Homeownership Grant: $7,500 forgivable after 5 years; purchase price cap $200k; household income under 80 % AMI ($65,600 for 2-person household).
• Michigan Statewide Down-Payment Initiative (DPI): $10,000 0 % second mortgage; 640 score; can be layered with FHA, VA, USDA, or conventional.
• Macomb County HOME Funds: $5,000 deferred payment loan; no monthly payment, due only on sale, refinance, or 10-year mark.
• NMHL Community Second: Up to 3.5 % of purchase price at 0 % interest, no payment, forgivable after 3 years; we underwrite in-house so no secondary approval needed.

Example: $180k purchase with 3.5 % down = $6,300. Layer Warren Grant ($7,500) + NMHL Community Second ($6,300) and you walk in with zero own funds plus up to $7,500 extra for closing or appraisal gap. USDA buyers in south Warren often leave the closing table with a check.

Property taxes confuse almost every buyer, so let’s demystify. In Michigan, taxable value (TV) equals 50 % of market value the year after purchase, then annual increases are capped at 5 % (Proposal A). Warren’s total millage for 2024 is 43.6 mills; divide by 1,000 and multiply by taxable value to estimate your bill. A $185k home has an initial TV of $92,500: 92.5 x 43.6 = $4,030. But wait—owner-occupied properties receive the Principal Residence Exemption (PRE), shaving 18 mills off the school-debt portion, dropping the effective rate to about 37 mills, or $3,420 annually.

Macomb County bills twice: summer (July 1) and winter (December 1). Lenders escrow 1⁄12 each month, so you’re not hit with lump sums. New buyers often see their assessment jump the following year if purchase price exceeded the previous TV; budget for a potential $300–$400 yearly bump. Veterans with 100 % service-connected disability can file for a full exemption—NMHL partners with Macomb County Veterans Services to fast-track the paperwork before closing.

National Mortgage Home Loans built a full product shelf for the unique mix of credit profiles we see in Warren:

• NMHL Second-Chance FHA: 580 score okay; 2-year-old bankruptcies and 1-year-old foreclosures eligible; manual underwrite with 31/43 ratios allowed if you complete our HUD-certified counseling.
• Bank-Statement Express: For self-employed machinists, real-estate agents, and restaurant owners who can’t show rising Schedule C income. Use 12 or 24 months of statements; qualify up to 90 % LTV; close in 21 days.
• VA Zero-Plus: No down payment, no lender fees, plus we credit up to $2,500 toward the VA funding fee for veterans with 10 % or more disability. We also accept NOD letters up to 120 days prior so transitioning servicemembers at Selfridge can lock while still on terminal leave.
• MSHDA Advantage Conventional: 3 % down, below-market PMI, and a 0 % second for $7,500 down-payment help. Combine with city grants for a true zero-out-of-pocket purchase.
• NMHL HomeReady Advantage: 620 score, 3 % down, reduced PMI, and immediate equity share option—perfect for union apprentices starting at $18/hr but expecting journeyman scale in 4 years.

Every loan is underwritten in our Troy, MI headquarters—ten minutes up I-75—so a local processor who knows the difference between a UAW COLA check and a profit-sharing bonus handles your file. We can update pre-approval letters in 15 minutes during a Sunday open house because we keep your docs on a secure mobile portal.

Warren’s affordability window won’t stay open forever. With inventory down 18 % and interest rates stabilizing, the competition for sub-$200k homes will only intensify this summer. Start with NMHL’s 3-minute digital pre-approval: upload your last 30 days of pay stubs, two months of bank statements, and driver’s license. Our AI pulls income and debt data, then a human underwriter reviews it within two business hours. You’ll receive a pre-approval letter stating program, max payment, and down-payment amount—strong enough to beat other financed offers and compete side-by-side with cash investors grabbing rentals.

Already found a house? Ask your realtor to include NMHL’s Closing Guarantee: if we can’t close on time through no fault of the buyer, we credit you $2,500 toward closing costs or first-month mortgage payment. Last year we closed 2,300 Michigan loans with a 97 % on-time rate despite rate volatility. Ready to stop paying rent and start owning in Warren? Tap the Apply Now button or call our Warren-area line at 586-555-HOME. A local loan officer—born and raised in Macomb County—will walk you through every grant, tax break, and loan twist until you hold keys in front of that brick ranch on Schoenherr. Let’s make Warren your hometown.