Rent to own Homes in Ann Arbor, MI
Recognized as the sixth largest city in Michigan, Ann Arbor is a delightful city tucked 45 miles west of Detroit. The city is home to a population of over 344,000 and offers a vibrant cultural experience. If you're considering a visit to the city, the following are a few things that may help you plan better.
Ann Arbor, MI is a great place for affordable rent-to-own homes! With a median household income of over $69,456 and a median rent of $1,299, the Ann Arbor, 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 Ann Arbor, 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 Ann Arbor, MI
- Allen Park
- Ann Arbor
- Barton Hills
- Belleville
- Beverly Hills
- Bingham Farms
- Brighton
- Carleton
- Dearborn
- Dearborn Heights
- Detroit
- Dexter
- Dundee
- Farmington
- Farmington Hills
- Flat Rock
- Franklin
- Garden City
- Highland
- Inkster
- Lincoln Park
- Livonia
- Maybee
- Melvindale
- Milan
- Milford
- Monroe
- Northville
- Novi
- Orchard Lake Village
- Plymouth
- Riverview
- Rockwood
- Romulus
- Saline
- Southfield
- Southgate
- South Lyon
- South Rockwood
- Taylor
- Trenton
- Walled Lake
- Wayne
- West Bloomfield
- Westland
- Whitmore Lake
- Wixom
- Wolverine Lake
- Woodhaven
- Ypsilanti
Neighborhoods in Ann Arbor, MI
Vet's Park Triangle rent to own homes Orchard Hills-Maplewood rent to own homes South Main rent to own homes Sister Lakes rent to own homes Wildwood Park rent to own homes Georgetown rent to own homes Woodhaven Hills rent to own homes Virginia Park rent to own homes Lower Burns Park rent to own homes Southeast Ann Arbor rent to own homesPopular Zip Codes in Ann Arbor, MI
48106 rent to own homes 48107 rent to own homes 48113 rent to own homesBuying a Home in Ann Arbor, MI
Ann Arbor, MI is seeing rapid growth and Ann Arbor, MI's' housing market remains not optimal with an average home price that is 59% above the 2023 national average. Ann Arbor, MI is part of Washtenaw 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 2023 for county Washtenaw is 1.81% which is above the national average, which is 0.99%.
Median Home Price in Ann Arbor, MI
Median Rent in Ann Arbor, MI
Top Reasons to Live in Ann Arbor MI
Housing in Ann Arbor Ann Arbor real estate is about 48% owned and 50% rented, leaving the rest vacant. It's a college town, home to the University of Michigan, so it makes sense that many places aren't permanent -- though the rent to own option is always a choice if you like your house. If you want to purchase a house, rather than eventually purchase a rental house, expect to pay a median price of about $250,000. About 650 homes are sold in Ann Arbor every six months.
Weather and Climate Like many of the cities within the region, Ann Arbor experiences a humid continental climate. If you live in a rental home or a place you bought, you can expect a nice four-season year with both cold and hot months. Annual temperatures range from as low as 0 F to as high as 90 F during the summer. The city is coldest during the winter, which runs from November to April, with snowfall sometimes starting as early as October. Because of the city's proximity to the Great Lakes, visibility during the winter is typically poor. Expect some degree of cloudiness during the earlier months. Temperatures during this period often drop below 0 F. Summer is the warmest season, characterized by humid weather, achieving daytime highs of 104 F in July.
Local Restaurants Despite its size, Ann Arbor has a wide variety of affordable places to eat. You will find everything from classy restaurants to pizza restaurants. Tamale and hot dog carts can be found on most streets, with prices averaging at $1. The city's downtown area is home to Chinese restaurants and lots of wrap shops. If you're working on a budget, try the Kerrytown Market and Shops, with a few locations. You'll find a handful of restaurants with meals under $14. For affordable but ethnic fare, head to the Ayse Courtyard Cafe (along Plymouth Road), which is a Turkish restaurant, or Asian Legend, which offers close to four dozen Taiwanese dishes. Meals in are usually under $12. The Bubble Island on S University Ave is a great place to visit for frozen smoothies and beverages; but if you love coffee, then the Cafe Felix (Main Street) is a great place to visit. You can enjoy a nice cup of cappuccino and sandwiches, while soaking in the view, for under $10.
Tourist Attractions Ann Arbor offers several attractive sights. Some of the popular landmarks in the city include the University of Michigan and Michigan Stadium. Walking along Main Street gives you a great way of observing the city in action, but if you are looking for a richer cultural experience, you drop by the Kelsey Museum of Archaeology. Other places worth a visit include the Gerald R. Ford Presidential Museum, Bel-Mark Lanes, and Kempf House. You can tee off from a handful of golf courses, including Stonebridge and Lake Forest Golf Club, or enjoy a picnic at many of the parks around the city.
Largest Employers and Industries With up to 16,000 employees, University of Michigan is easily the largest employer in the city. The University of Michigan Medical Center follows it closely with 12,000 employees. In other sectors, the Toyota Technical Center is the top employer for the automotive industry (1,500 employees), while Thomas Reuters, with more than 1,000 employees is the leading IT employer. Other companies ranked within the 20 largest employees include Sheridan Books, Domino's Pizza, Trinity Healthy Medical Center, and CitiMortgage.