Michigan is a state that's full of surprises. The Wolverine State is the only state in the country divided into two distinct peninsulas, and it's a place where agriculture, academia, industry, and Motown have found a way to thrive together. It's a manufacturing hub and the corporate headquarters of America's top automobile manufacturers. It's also an outdoor lover's paradise with more than 100 state parks and recreation areas that cover 10 million acres of public land.
Bordering four of the Great Lakes, Michigan has the longest freshwater coastline in the United States and more shoreline than California. This does more than give the state's lower peninsula its iconic mitten-shaped look. It provides a backdrop for an array of outdoor activities, including fishing, boating, and golfing. These are just some of the reasons people are smitten with Michigan and are choosing to call it home.
Michigan is a great place for affordable rent-to-own
With a median household income of over $59,234
and a median rent of $892, the Michigan
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 Michigan. 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.
Average Cost of Living in Michigan
Overall, the cost of living in Michigan is lower than the rest of the country. However, this isn't true in specific areas, like Lansing, Kalamazoo, Saginaw, and Grand Rapids, where the cost of living can be as much as 12% higher than the national average. Food and transportation costs remain close to national averages. And, despite unpredictable weather, energy costs tend to be lower than other states in the region, due in part to the way breezes from the Great Lakes affect the climate.
Average Home Prices in Michigan
The median home value in Michigan is just over $173,000, making it super affordable compared to other parts of the country. It's important to note that home prices vary greatly across the state, though. In Detroit, for example, the median home price is slightly more than $35,000. The median home price in Ann Arbor is over $392,000. In highly competitive markets, rent to own homes in Michigan are an excellent option.
If you're interested in Michigan rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Michigan statistics compared to the U.S. national average.
|Michigan Averages||National Averages|
|One-Way Commute||24.3 minutes||26.4 minutes|
|Income Tax Rate||4.3%||4.6%|
|Median Household Income||$49,087||$53,482|
|Median Property Taxes||$1,209||$2,200|
|Median Home Cost||$151,400||$231,200|
|Median Home Age||44 years||40 years|
Popular Michigan Cities
The physical division of the upper and lower peninsulas reflects the diversity of the state. Whether you're looking for the seclusion of the wilderness, the action of a city, or the charm of a suburb, you can find the right neighborhood for yourself in Michigan's most popular cities.
- Ann Arbor. Located in southeastern Michigan, Ann Arbor consistently ranks as one of the top cities in the state. The University of Michigan attracts a diverse group of people to the city and supports a vibrant entertainment scene as well as businesses.
- Detroit. Living in Detroit gives you access to the amenities of a big city without the hefty price tag. You'll find here diverse neighborhoods, a thriving arts and entertainment scene, and interesting activities for the whole family.
- Grand Rapids. It may be the second-largest metro area in Michigan, but Grand Rapids still has a distinctive small-town charm. This western Michigan city caters to its population of young professionals and families with an impressive craft beer scene, pedestrian-friendly streets, and public museums.
- Kalamazoo. Education takes center stage in Kalamazoo. Students who graduate from a local public school enjoy free tuition at the city's universities, such as Western Michigan University. The Kalamazoo Promise is just one feature that makes the city a great place for families.
- Marquette. The largest city in the upper peninsula, Marquette is a friendly place that feels cozy even in the depths of winter. Warm fire pits, miles of walking paths, and spectacular sunsets over Lake Superior draw residents outdoors year-round.
- Traverse City. One of Michigan's top vacation spots, Traverse City, has miles of beaches along Lake Michigan, and the National Cherry Festival is hosted there each year. This family-friendly city has an impressive foodie scene and popular film festivals that keep residents and visitors entertained.
Popular Attractions in Michigan
It's impossible to ignore the stunning natural beauty of Michigan, and that's one reason why the most popular spots in the state are in the great outdoors.
- People flock to sites like Sleeping Bear Dunes and Painted Rocks National Lakeshore where they camp in the woods, play in the water and hike along trails with picturesque views of the water.
- You can also spend time in places like Mackinac Island or Isle Royale National Park.
- Climb the natural dome at the center of Stone Mountain State Park.
- Check out the impressive museums dedicated to the arts. Detroit Institute of Arts boasts one of the most diverse permanent collections of art in the country, guaranteeing an interesting exhibit every time you visit.
- Immerse yourself in the story of Motown Record Company at the Motown Museum and see the studio where some of the country's most beloved bands recorded their music.
- Witness Grand Rapids' open exhibit ArtPrize featuring work displayed all over the downtown area.
- Explore the Henry Ford Museum-called Greenfield Village-where you can see Thomas Edison's lab, ride in a Model T Ford, and learn about innovations in farming and industry.
- Walk through Michilimackinac, an 18th-century fort that tells the story of colonial America on Mackinac Island. You'll leave with a new understanding of why so many people continue to choose Michigan as their home.
With its diverse cities, landscapes, outdoors escapes, public universities, and revitalized economy, there are plenty of reasons to consider Michigan.