Rent to own Homes in Detroit, MI

Detroit held prominence in the 1800s because of its location along the Detroit River. When Michigan became a territory in 1805, the legislature named the city as its capital, and it remained as such until 1847. Detroit got its nickname, Motor City, in the 1950s after decades of leadership in innovation and manufacturing in the automotive industry. In the early 1900s, Ransom Olds invented the assembly line, and Henry Ford added the conveyor belt, which helped the city become the car capital of the world. Ford, General Motors, and Chrysler all started in Detroit and still either have their headquarters or maintain a strong presence in the Metro Detroit area. But the city has more to offer than just cars. Health care, retail, hospitality, and many other fields are flourishing in the city.

Detroit's improving economy has a lot of jobs available for its residents. Many large corporations and Fortune 500 companies are located in Detroit. These include DTE Energy, Ally Financial, American Axle and Manufacturing, and, of course, General Motors. In total, there are more than two million employment opportunities in Metro Detroit. An estimate of 670,031 residents called the city home in 2019 - a drop of slightly more than 6% since the last census count in 2010. While people moving out of a city is not always the best sign, it does bode well for those moving in because it means that the real estate market is not overly tight, making housing affordable and available.

Detroit, MI is a great place for affordable rent-to-own homes! With a median household income of over $32,498 and a median rent of $850, the Detroit, 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 Detroit, 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.

Check out Detroit, MI rent to own homes for sale, which may include auction properties, for sale by owner, and more.
Showing 1 - 44 of 440
204 W BRENTWOOD ST
Rent To Own
State Fair-Nolan
Single Family Home
Highland Park, MI 48203
3
1
1056 ft2
1951
7274 Lamphere St
Rent To Own
Cody-Rouge
Single Family Home
Detroit, MI 48239
2
1
748 ft2
1949
25404 HANOVER ST
Rent To Own
 
Single Family Home
Dearborn Heights, MI 48125
2
3
1344 ft2
1940
15484 NORTHLAWN ST
Rent To Own
Harmony Village
Single Family Home
Detroit, MI 48238
3
1
1243 ft2
1926
13057 PROSPECT AVE
Rent To Own
Southeast Warren
Single Family Home
Warren, MI 48089
2
1
900 ft2
1952
502 ALBANY ST
Rent To Own
Downtown Ferndale
Single Family Home
Ferndale, MI 48220
3
1
1150 ft2
1928
11092 PACKARD AVE
Rent To Own
Southeast Warren
Single Family Home
Warren, MI 48089
2
1
850 ft2
1951
8685 FORD AVE
Rent To Own
Southeast Warren
Single Family Home
Warren, MI 48089
3
1
1200 ft2
1948
26770 Joy Rd
Rent To Own
Jefferson
Townhouse/Condo
Redford, MI 48239
1
1
646 ft2
1966
Hot
13518 POPLAR ST
Rent To Own
 
Single Family Home
Southgate, MI 48195
2
1
660 ft2
1949
20592 MAPLEWOOD ST
Rent To Own
 
Single Family Home
Riverview, MI 48193
4
3
2472 ft2
1974
24120 OXFORD ST
Rent To Own
 
Single Family Home
Clinton Township, MI 48036
3
3
1900 ft2
1953
42260 FIVE MILE RD
Rent To Own
 
Single Family Home
Plymouth, MI 48170
4
3
2414 ft2
2014
1002 MAHAFFEY AVE
Rent To Own
 
Single Family Home
Rochester, MI 48307
3
2
1017 ft2
1958
51319 GEDDES RD
Rent To Own
 
Single Family Home
Canton, MI 48188
2
1
823 ft2
1937
4652 ALLORE RD
Rent To Own
 
Single Family Home
Newport, MI 48166
2
1
816 ft2
1950
1375 RED BARN DR
Rent To Own
 
Single Family Home
Oxford, MI 48371
3
1
2028 ft2
1966
1 of 14 525 Maloney Street
Rent To Own
 
Multifamily (2 - 4 Units)
Oxford, MI 48371
3
3
2519 ft2
1977
3680 ALLEN RD
Rent To Own
 
Single Family Home
Ortonville, MI 48462
4
4
4400 ft2
1991
134 N MILFORD RD
Rent To Own
Downtown Highland
Single Family Home
Highland, MI 48357
1
2
1808 ft2
1885
1442 RILEY CENTER RD
Rent To Own
 
Single Family Home
Riley, MI 48041
3
2
1853 ft2
1991
1 of 43 7 GLENEAGLES CT
Rent To Own
Springwells
Townhouse/Condo
Dearborn, MI 48120
4
5
3402 ft2
1999
19450 WARWICK ST
Rent To Own
Evergreen
Single Family Home
Detroit, MI 48219
3
1
1092 ft2
1950
1 of 7 4840 CRANE ST
Rent To Own
Kettering-butzel
Single Family Home
Detroit, MI 48214
3
1
1182 ft2
1912
Hot
1 of 25 12736 SANTA ROSA DR
Rent To Own
Winter Halter
Single Family Home
Detroit, MI 48238
5
3
26000 ft2
1926
14878 MANOR ST
Rent To Own
Harmony Village
Single Family Home
Detroit, MI 48238
4
1
1549 ft2
1928
Hot
11359 SUSSEX ST
Rent To Own
Brooks
Single Family Home
Detroit, MI 48227
2
1
1066 ft2
1936
1 of 21 9158 MANSFIELD ST
Rent To Own
Brooks
Townhouse/Condo
Detroit, MI 48228
4
2
1706 ft2
1950
9411 LAUDER ST
Rent To Own
Brooks
Single Family Home
Detroit, MI 48228
2
1
697 ft2
1950
1 of 23 427 LaPrarie St.
Rent To Own
 
Multifamily (2 - 4 Units)
Ferndale, MI 48220
3
1
1125 ft2
1941
1 of 14 19229 PELKEY ST
Rent To Own
Osborn
Single Family Home
Detroit, MI 48205
4
1
1165 ft2
1946
1 of 26 11805 KENMOOR ST
Rent To Own
Conner
Single Family Home
Detroit, MI 48205
3
2
1350 ft2
1930
1 of 16 15225 FORDHAM ST
Rent To Own
Burbank
Single Family Home
Detroit, MI 48205
4
2
1500 ft2
1950
1 of 2 21604-21608 Moross
Rent To Own
Finney
Single Family Home
Detroit, MI 48236
4
2
1700 ft2
Hot
1 of 15 19129 STRASBURG ST
Rent To Own
Osborn
Single Family Home
Detroit, MI 48205
3
1
1000 ft2
1946
Hot
13991 ALMA ST
Rent To Own
Burbank
Single Family Home
Detroit, MI 48205
4
1
1327 ft2
1929
Hot
1 of 15 18686 FAIRPORT ST
Rent To Own
Osborn
Single Family Home
Detroit, MI 48205
3
1
1100 ft2
1941
1 of 9 18523 PEMBROKE AVE
Rent To Own
Evergreen
Single Family Home
Detroit, MI 48219
3
3
1764 ft2
1947
1 of 49 16800 WARD ST
Rent To Own
Harmony Village
Single Family Home
Detroit, MI 48235
3
2
1170 ft2
1938
1 of 24 4282 Waverly
Rent To Own
Winter Halter
Single Family Home
Detroit, MI 48204
6
3
2350 ft2
1 of 6 3750 Glendale Avenue
Rent To Own
Winter Halter
Multifamily (2 - 4 Units)
Detroit, MI 48238
3
3
2096 ft2
1937
49 RICHTON ST
Rent To Own
 
Single Family Home
Highland Park, MI 48203
5
2
1547 ft2
1909
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Buying a Home in Detroit, MI

Detroit, MI is seeing rapid growth and Detroit, MI's' housing market remains optimal with an average home price that is -76% below the 2024 national average. Detroit, 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 Detroit, MI

Median Rent in Detroit, MI

Rent to own homes offer low monthly payments and flexible terms.

Average Cost of Living in Detroit

The overall cost of living in Detroit is slightly cheaper than the state average and 12.4% lower than the national average. Nearby Livonia is a shade below the U.S. average. Warren, which abuts Detroit's northeast border, is 7.7% lower than average, and Troy, the city's northwestern neighbor, is 14.5% higher. Ironically, Motown's cost of living is low in every category, except for transportation, which is 78.3% more than the rest of the country. But as a whole, Detroit is an affordable city to live in.

Average Home Prices in Detroit

The median cost of a home in Detroit is $53,700 - well below Michigan's average of $151,400 and 76.8% lower than the national average of $231,200. Homes in Warren cost $138,300, in Livonia $209,000, and the price tag for an average house in Troy is $312,800. Housing in the city is surprisingly affordable, especially when you consider the number of available jobs in the Metro Detroit area, making Detroit an excellent choice for people looking for rent-to-own opportunities.

Detroit Statistics

If you're interested in Detroit 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 Detroit statistics compared to the U.S. national average.

Detroit Averages National Averages
One-Way Commute 26.4 minutes 26.4 minutes
Violent Crime 94.3 22.7
Property Crime 66.7 35.4
Unemployment Rate 11.1% 3.9%
Income Tax Rate 6.8% 4.6%
Air Quality 60 58
Water Quality 36 55
Median Household Income $26,095 $53,482
Median Property Taxes $1,823 $2,200
Utilities $250/month $112/month
Monthly Rent $798 $1,470
Median Home Cost $53,700 $231,200
Median Home Age 67 years 40 years

Popular Amenities and Attractions in Detroit

Belle Isle Park in Detroit is a beautiful 987-acre island that has many attractions on-site. The Anna Scripps Whitcomb Conservatory takes up 13 acres of the park. In it, you'll find multi-environment plantings like cactuses, palm trees, bananas, oranges, figs, and exotic greenery from around the world. Nearby you'll find the Belle Isle Aquarium - the oldest aquarium in the world - housed in an impressive building designed in the early 1900s. The Belle Isle Nature Center, under the umbrella of the Detroit Zoo, has a small collection of amphibians, fish, and reptiles. Next, you can stop by the Dossin Great Lakes Museum, also located within the park, where you can check out a variety of permanent and rotating exhibits. There are three lakes with boat rentals on-site, 150 acres of woods, bike rentals, snow sports, athletic fields, tennis courts, and more in the park.

Visit the Detroit Historical Museum to learn about the rich history of the city. Browse exhibits that present the city's tale from the early 1700s when it was a frontier town to the mid-1800 factories to the development of the auto industry in the 1900s. There are a host of interesting displays, including The Street of Old Detroit, which is a set of structures that depict the 1840s, 1870s, and 1900s, and an array of changing and traveling exhibitions.

There are many other attractions in and around Detroit. The city is close to Lake Erie and Lake St. Claire. It also has an international airport, a diverse population, and a wide variety of housing options. It's no wonder that the city made the list of the top 10 global city destinations in 2018. If you're thinking of moving, think Detroit.