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.
Detroit, MI is seeing rapid growth and Detroit, MI's' housing market remains optimal with an average home price that is -100% below the 2022 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 2022 for county Wayne is 2.07% which is above the national average, which is 0.99%.
Detroit, MI has a walk score of
Detroit, MI has a bike score of
The state tax rate is 4.25% on top of the federal tax rate of 10 to 37%.