Rent to own Homes in Dearborn, MI
As the birthplace of Henry Ford and home of the Ford Motor Company, Dearborn, Michigan, has a special place in American automotive history. Located within the Detroit metropolitan area, Dearborn has a population of just under 100,000 residents and ranks as the eighth largest city in the state. The city is named after Henry Dearborn, a prominent General in the Revolutionary War. Although Dearborn was settled by people of European descent in the late 18th century, it wasn't incorporated as a city until 1927 following the automotive boom. Today, Dearborn exists as an important steel and auto manufacturing center with a growing immigrant population of Arabic descent. It is also home to the Arab-American National Museum and the Islamic Center of America.
Dearborn, MI is a great place for affordable rent-to-own homes! With a median household income of over $56,302 and a median rent of $1,019, the Dearborn, 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 Dearborn, 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 Dearborn, MI Property Resources
Rent to own Homes in Cities Near Dearborn, MI
- Allen Park
- Auburn Hills
- Belleville
- Birmingham
- Carleton
- Center Line
- Clawson
- Clinton Township
- Commerce Township
- Dearborn
- Dearborn Heights
- Eastpointe
- Ferndale
- Flat Rock
- Gibraltar
- Grosse Ile
- Grosse Pointe
- Grosse Pointe Farms
- Grosse Pointe Park
- Grosse Pointe Woods
- Harper Woods
- Huntington Woods
- Keego Harbor
- Lake Angelus
- Lathrup Village
- Madison Heights
- Melvindale
- New Boston
- Newport
- Oak Park
- Orchard Lake Village
- Pleasant Ridge
- Pontiac
- Redford
- Riverview
- Rochester
- Rochester Hills
- Rockwood
- Roseville
- Southfield
- Southgate
- South Rockwood
- St. Clair Shores
- Sylvan Lake
- Taylor
- Troy
- Walled Lake
- Warren
- West Bloomfield
- Woodhaven
Neighborhoods in Dearborn, MI
Hemlock Park rent to own homes Blesser Park rent to own homes CSRD rent to own homes Eugene Porath rent to own homes Woodbridge rent to own homes Georgetown Commons rent to own homes Ford Motor Company Headquarters rent to own homes Fairlane Town Center rent to own homes The Henry Ford rent to own homes Cherry Hill Estates rent to own homesPopular Zip Codes in Dearborn, MI
48120 rent to own homes 48123 rent to own homes 48128 rent to own homes 48126 rent to own homes 48124 rent to own homesBuying a Home in Dearborn, MI
Dearborn, MI is seeing rapid growth and Dearborn, MI's' housing market remains optimal with an average home price that is -29% below the 2024 national average. Dearborn, MI is part of Wayne 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 Wayne is 2.07% which is above the national average, which is 0.99%.
Median Home Price in Dearborn, MI
Median Rent in Dearborn, MI
Top Reasons to Live in Dearborn MI
Housing Statistics Despite its location within the Detroit metropolitan area, real estate values in Dearborn have witnessed a sharp surge in the last few years. Median home sales price has increased from a low of $48,000 in the middle of 2010 to hit nearly $97,000 in 2013. In fact, median sales price has shot up by 57% over the last year alone. With over 470 homes sold in 2012, Dearborn can be classified as a 'strong' real estate market, relative to its location. This is largely due to the growing economy which has, so far, remained isolated from the Detroit's downturn. In fact, Dearborn real estate values are higher than the state average (but lower than the national average by 23 percent), which is why rent to own has become a popular option among would-be home buyers.
Local Restaurants Dearborn has attracted a large Arab immigrant population in the last few decades which has shaped the city's culinary habits. Mediterranean and fusion restaurants are all around Dearborn, especially along Michigan Avenue. M & M Cafe is one of the city's favorite restaurants selling Mediterranean-American fusion food. Tuhama's on W Warren Avenue is another local favorite, especially for its middle-east inspired menu. Hamido, also on W Warren Avenue, serves a delicious shawarma and has the best rated hummus in town. For something slightly less Mediterranean, you can head out to Roman Village on Dix Avenue for some authentic Italian fare. Frida's Mexican Cuisine is the city's favorite spot for a taste of authentic, home-cooked Mexican cuisine.
Outdoors Activities Dearborn is big on golf courses. There are several world-class golf courses in the city, including the Dearborn Hills Golf Course, the Dearborn Country Club, TPC of Michigan Golf Course, and the Warren Valley Golf Course located in neighboring Dearborn Heights. If swinging a golf club isn't your thing, you can head out to the Environmental Interpretive Center, a facility developed by UMich-Dearborn. This vast outdoor area is spread over 300 acres and serves as a base for scientific research, educational trips and interactive learning sessions. It's a great place for families with children to get close to nature and learn something in the process.
Neighborhoods As a moderate sized city, Dearborn has several distinct neighborhoods. Some of these are: