Rent to own Homes in Traverse City, MI
Traverse City is a small Northern Michigan town nestled in the mouth of the Grand Traverse Bay. The city houses a metropolitan area of over 100,000 residents, who aren't shy to announce that the region is the largest producer of tart cherries in the nation. It's also the state's own Napa Valley, featuring over 40 vineyards, wineries and tasting rooms, including Left Foot Charley Winery and Brengman Brothers. The Traverse Bay region is also home to a dozen or so craft breweries and distilleries.
Traverse City, MI is a great place for affordable rent-to-own homes! With a median household income of over $61,056 and a median rent of $930, the Traverse City, 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 Traverse City, 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.
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Rent to own Homes in Cities Near Traverse City, MI
Neighborhoods in Traverse City, MI
Old Towne rent to own homes The Village rent to own homes Boardman rent to own homes Central Traverse City rent to own homes North Traverse Heights rent to own homes Oak Park rent to own homes Slabtown rent to own homes Downtown Traverse City rent to own homes Kids Creek rent to own homes Traverse Heights rent to own homesPopular Zip Codes in Traverse City, MI
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Traverse City, MI is seeing rapid growth and Traverse City, MI's' housing market remains not optimal with an average home price that is 30% above the 2024 national average. Traverse City, MI is part of Grand Traverse 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 Grand Traverse is 1.22% which is above the national average, which is 0.99%.
Median Home Price in Traverse City, MI
Median Rent in Traverse City, MI
Top 5 Reasons to Live in Traverse City, MI
A Top Tourist Destination! Traverse City is one of the top tourist locations in the state of Michigan. The small city receives about a half of a million visitors each year. With this large of an amount of tourism to the city, home values have been consistently rising: From just 2012 to 2013, the average house price rose considerably! There are several highly rated restaurants in the city which cater to locals and tourists, including Bubba's Grill and the Trattoria Stella Italian restaurant.
Tons of Outdoor Recreation! The city is a paradise for outdoor enthusiasts and offers many recreational options. In winter, the town is ripe for snowshoeing, skiing, snowboarding and snowmobiling. And in the warmer months, biking, hiking and boating are popular activities for residents. Grand Traverse Bay is a popular fishing spot, and the town's Vasa and TART trail systems are maintained throughout the year.
Beautiful Waterfront Homes! Traverse City was named one of the top places in the United States to retire by U.S. News in 2012. The city received this recognition because of its relatively affordable waterfront home costs and its easy access to the Lake Michigan shoreline. The area has some of the most affordable lakeside property and rent to own houses in the United States. Its proximity to the beaches at the Sleeping Bear Dunes National Lakeshore and the Manitou Islands add to the area, and the city's own Oak Park neighborhood shares a sizable piece of the Grand Traverse Bay's shoreline.
Cultural Recreation Opportunities! The city hosts numerous festivals throughout the year. The Traverse City Turkey Trot is hosted every Thanksgiving season. The city also hosts the National Cherry Festival, one of the biggest festivals in the region. Residents enjoy these and many other festivals throughout the year, such as the Traverse City Microbrew and Music Festival and the Winter Comedy Arts Festival.