Rent to own Homes in Troy, MI
Troy, Michigan, is one of Detroit's suburbs, but unlike the struggling Motor City, Troy is an affluent community with a suburban feel and safe, beautiful neighborhoods. It's considered one of the best cities in Michigan to live in, and it's also considered a great place to visit, with the Troy Museum and Historic Village for history buffs, the AirTime Trampoline Park for thrill-seekers, and the Somerset Collection for fashionistas. If you're looking for a place to call home near Detroit, Troy is a great place to look. The real estate market is a buyer's market right now, and high-end houses are selling at prices that can be considered a steal.
Troy, MI is a great place for affordable rent-to-own homes! With a median household income of over $104,132 and a median rent of $1,239, the Troy, 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 Troy, 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 Troy, MI Property Resources
Rent to own Homes in Cities Near Troy, 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 Troy, MI
The Smart Zone rent to own homes Downtown Troy rent to own homes Rochester Road rent to own homes Automall rent to own homes Northfield rent to own homes The Transit Center rent to own homesPopular Zip Codes in Troy, MI
48099 rent to own homes 48085 rent to own homes 48083 rent to own homes 48084 rent to own homes 48098 rent to own homesBuying a Home in Troy, MI
Troy, MI is seeing rapid growth and Troy, MI's' housing market remains not optimal with an average home price that is 46% above the 2024 national average. Troy, 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 Troy, MI
Median Rent in Troy, MI
Top Reasons to Live in Troy MI
Housing Statistics Troy is a vibrant city to live in, and for those who'd like to rent to own, it could be the ideal place. The median sales price is for a home is currently $193,000. This is an increase of 14.7% over last year. 441 homes have been sold this year, which is a decrease of 58.5% compared to the same period last year. The average price per sq. ft. in Troy is $111.
Troy Shopping Since Troy is a booming city, there are many places to shop there. Troy has two malls, Oakland and Somerset Malls. Oakland Mall is family friendly and contains a play area for children. Inside Oakland Mall are shops that sell body works and shoes, among many other products. For snack and lunches, the Mall has a food court with great options. Somerset Mall is upscale and boasts marble tiles and big name stores.
Troy School system The Troy School District consists of twelve elementary schools, four middle schools and four high schools. Some elementary schools include Bernard, Hill and Troy Union as well as nine others. The names of the four middle schools are Baker, Larson, Boulan Park and Smith. High schools are Athens, International Academy East, Niles Community and Troy.
Troy Neighborhoods Some people think of Troy as a neighborhood in Detroit, but Troy is actually made up of several distinct residential areas, each with its own specific feel and character. If you are thinking about moving to the area, check out the list below; it can help guide you to the area that will feel most like home.