Rent to own Homes in Monroe, MI
Monroe is a town with a bit of history, founded in the late 1700s and sitting on a battlefield. In fact, this community is the third oldest in all of Michigan. Still, despite its historical significance, the community has all the modern conveniences residents would expect. Dining, shopping, and nightlife are all at the fingertips of Monroe citizens. Thanks to its location on the left bank of Lake Erie and proximity to Detroit, Monroe also presents opportunities for water recreation and plenty of music.
Monroe, MI is a great place for affordable rent-to-own homes! With a median household income of over $53,068 and a median rent of $757, the Monroe, 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 Monroe, 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 Monroe, MI Property Resources
Rent to own Homes in Cities Near Monroe, MI
- Allen Park
- Belleville
- Canton
- Carleton
- Dearborn
- Dearborn Heights
- Detroit
- Detroit Beach
- Dundee
- Ecorse
- Erie
- Estral Beach
- Flat Rock
- Garden City
- Gibraltar
- Grosse Ile
- Harbor View
- Inkster
- La Salle
- Lincoln Park
- Livonia
- Luna Pier
- Martin
- Maybee
- Melvindale
- Monroe
- New Boston
- Newport
- Oregon
- Redford
- Reno Beach
- River Rouge
- Riverview
- Rockwood
- Romulus
- Southgate
- South Monroe
- South Rockwood
- Stony Point
- Taylor
- Temperance
- Toledo
- Trenton
- Wayne
- Westland
- West Monroe
- Willis
- Woodhaven
- Woodland Beach
- Wyandotte
Neighborhoods in Monroe, MI
Central Monroe rent to own homes Elm Street North Macomb Street Historic District rent to own homes Downtown Monroe rent to own homes Old Village Historic District rent to own homes Southeast Monroe rent to own homes Southwest Monroe rent to own homes Northeast Monroe rent to own homes Northwest Monroe rent to own homesPopular Zip Codes in Monroe, MI
No zip codes foundBuying a Home in Monroe, MI
Monroe, MI is seeing rapid growth and Monroe, MI's' housing market remains optimal with an average home price that is -39% below the 2024 national average. Monroe, MI is part of Monroe 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 Monroe is 1.27% which is above the national average, which is 0.99%.
Median Home Price in Monroe, MI
Median Rent in Monroe, MI
Top 4 Reasons to Live in Monroe, MI
Smooth jazz! Monroe is fortunate enough to enjoy a location near Motown, and the musical influences of Detroit have made their way to this community. Downtown Monroe has plenty of opportunities for listening to live music, including at McGeady's Town Pub. Residents and visitors alike also take pride in the town's annual jazz festival, called the River Raisin Jazz Festival. The free festival takes place on the shore of River Raisin, featuring as many as a dozen jazz artists performing over the span of four days.
Plenty of property inventory! As of late 2014, Monroe had nearly 600 homes for sale, not including bank-owned properties. This bountiful inventory translates to a lot of choice for approved home buyers. Many properties on the market are sitting on coveted lakefront terrain, including Beachway Drive and Lake Drive.
A boater's dream! Sitting on the west shore of Lake Erie means Monroe presents the opportunity to not only view spectacular sunrises over the water, but also get out on the water and play. Sailors, power boaters, and fishers will all find a sweet refuge in Lake Erie. A bounty of trails and picnic spots are also sitting just adjacent to the lake, begging for residents to get outside when weather permits and soak in a little sun.
Affordable homes for the region! Homes in Monroe have a median listing price of less than $100,000 as of late 2014, which is significantly cheaper than other homes in neighboring towns, including Ida and Dundee. Low median listing prices signal a buyer's market, otherwise known as prime time for potential homeowners to explore rent to own homes and other properties listed for sale. Even homes along River Raisin, including houses for sale on East Front Street and near East Elm Avenue, are comparably priced to homes in the region.