Rent to own Homes in Southfield, MI
Southfield, Michigan, is a city just outside Detroit in affluent Oakland County. Southfield's name came from it being the "south fields" of Bloomfield Township. The city is home to over 70,000 people, some of whom work in one of Southfield's many office parks. Southfield's population grew significantly between the 1950s and 1990s, and today it has a diverse culture and a great selection of housing.
Southfield, MI is a great place for affordable rent-to-own homes! With a median household income of over $58,076 and a median rent of $1,126, the Southfield, 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 Southfield, 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 Southfield, MI Property Resources
Rent to own Homes in Cities Near Southfield, MI
- Allen Park
- Auburn Hills
- Beverly Hills
- Birmingham
- Canton
- Center Line
- Clawson
- Clinton Township
- Dearborn
- Dearborn Heights
- Eastpointe
- Ecorse
- Farmington Hills
- Ferndale
- 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
- Oxford
- 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 Southfield, MI
Southfield Downtown rent to own homesPopular Zip Codes in Southfield, MI
48037 rent to own homes 48033 rent to own homes 48034 rent to own homes 48075 rent to own homesBuying a Home in Southfield, MI
Southfield, MI is seeing rapid growth and Southfield, MI's' housing market remains optimal with an average home price that is -24% below the 2024 national average. Southfield, 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 Southfield, MI
Median Rent in Southfield, MI
Top Reasons to Live in Southfield MI
Housing Southfield's median home price for the period of May to July 2013 was a very reasonable $70,000, which is significantly below the national average of $208,000. Southfield also has an almost exactly even mix of renters and home owners, with 47 percent of homes occupied by owners and 41 percent rented. This represents about 10 percent more renters than the national average. An additional 11 percent of homes and apartments are vacant. The good news for you is that if you're looking to rent, you have lots of options. Choosing a home to rent to own can help you build roots in a community while avoiding the large down payment and closing costs.
Transportation and Commutes Southfield is an attractive location because it's conveniently located near several major highways that can take you anywhere else in the metro Detroit area. There is easy access to both I-696/Reuther Freeway and M-10/Lodge Freeway. Southfield has several skyscrapers and office buildings, including the 2,200,000-square-foot Southfield Town Center.
School Systems There is a good selection of public schools in Southfield, but it is not known for being a particularly strong schooling system. There are several middle schools, elementary schools, and high schools, each serving a particular district in town. For the town's best academics, residents say to send your kids to school in a different district or to a private or parochial school. Additionally, there are eight small colleges within Southfield's city limits, including Oakland Community College and Lawrence Technical University.
Arts and Culture The city of Southfield offers a wide variety of arts and cultural events for the thousands of residents who call it their home. The Southfield Art Fair is held in August every year and features exhibits from local artisans and performances from musicians and artists. The city also offers a weekly Eat to the Beat series of free concerts at lunchtime at City Centre Plaza during the summer and early fall.
Nightlife If you like to have a good time after the sun goes down, you can do it in Southfield. Groove Lounge on Franklin Road is a local favorite dance club where you can get down to live music. Harem Nightclub over on Telegraph Road is also a favorite for locals who like to go out and dance; and it features salsa music.