Rent to own Homes in Ferndale, MI
Ferndale is located in Oakland County, Michigan and has a population of 19,900. With more than 350 stores and businesses located in a three-mile stretch, Ferndale has a thriving economy and bustling city center neighborhood. During the year, the city hosts numerous events to promote civic engagement, like the Ferndale Dream Cruise, Downtown Ferndale's Holiday Ice Festival, an annual do-it-yourself street fair and a First Night celebration that ends with an elaborate fireworks display.
Ferndale, MI is a great place for affordable rent-to-own homes! With a median household income of over $77,100 and a median rent of $1,032, the Ferndale, MI rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Ferndale, MI. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Ferndale, MI Property Resources
Rent to own Homes in Cities Near Ferndale, MI
- Allen Park
- Auburn Hills
- Beverly Hills
- Birmingham
- Canton
- Center Line
- Clawson
- Clinton Township
- Dearborn
- Dearborn Heights
- Eastpointe
- Ecorse
- Farmington Hills
- Ferndale
- Gibraltar
- Grosse Ile
- Grosse Pointe Park
- Grosse Pointe Woods
- Huntington Woods
- Keego Harbor
- Lake Angelus
- Lathrup Village
- Livonia
- Macomb
- Melvindale
- Northville
- Novi
- Oakland
- Orchard Lake Village
- Pleasant Ridge
- Plymouth
- Pontiac
- Redford
- River Rouge
- Riverview
- Rochester
- Rochester Hills
- Romeo
- Roseville
- Royal Oak
- Southfield
- St. Clair Shores
- Sylvan Lake
- Taylor
- Warren
- Waterford
- Westland
- White Lake
- Wolverine Lake
- Woodhaven
Neighborhoods in Ferndale, MI
Downtown Ferndale rent to own homesPopular Zip Codes in Ferndale, MI
48220 rent to own homesBuying a Home in Ferndale, MI
Ferndale, MI is seeing rapid growth and Ferndale, MI's' housing market remains optimal with an average home price that is -18% below the 2024 national average. Ferndale, MI is part of Oakland county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Oakland is 1.75% which is above the national average, which is 0.99%.
Median Home Price in Ferndale, MI
Median Rent in Ferndale, MI
Top 5 Reasons to Live in Ferndale, MI
Homes cost less than those in nearby towns! The median sale price of a single family home in neighboring Huntington Woods is $259,118. Homes in nearby Pleasant Ridge sell for a median price of $260,000. However, in Ferndale, you can buy a comparable three-bedroom single family home for a fraction of the cost. The median sales price is just $133.475. Given this discrepancy, it is not surprising that the population of Ferndale is growing. Residents find great rent to own homes in areas like Northway Street and 9 Mile Road.
Affordable rent! Because many new residents like to rent first before buying, it's a good idea to live in a city that is affordable. The median rent in Ferndale is just $975. Although rental properties are not available in every neighborhood, the communities of Woodward Heights and Cloverdale Avenue offer the best selection.
A mecca for journalism: Whether you just enjoy reading a daily paper or work for a publishing company, Ferndale is a hub of the media industry in Michigan. Currently, Ferndale is home to the Metro Parent Publishing Group and the Metro Times, the largest weekly newspaper in the Detroit metro area.
A vibrant downtown: Since 2006, Ferndale has focused on revitalizing and rebuilding the downtown area of the city. Today, Ferndale's bustling downtown is home to numerous events, like Small Biz Saturday where residents are encouraged to support local businesses by offering substantial discounts. ARTWN strives to bring more artwork to the community by covering the downtown area with murals painted by local artists.
A haven for exercise enthusiasts! Ferndale is quickly becoming the most bike-friendly community in Michigan with more than 10 miles of designated bike lanes, bike parking corrals and plenty of trails for mountain bikers. If you prefer walking, head to Martin Road Park, where a brand new track takes you around the perimeter of the city.