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 300 Detroit, MI rent to own homes for sale, which may include auction properties, for sale by owner, and more.

Showing 1 - 44 of 300
7274 Lamphere St
2 Beds, 1 Bath
Rent To Own
Cody-Rouge
Single Family Home
Detroit, MI 48239
748 Sqft | Built in 1949
1 of 18 3290 Calvert Street # 7
1 Bed, 2 Baths
Rent To Own
Durfee
Townhouse/Condo
Detroit, MI 48206
2,816 Sqft | Built in 1924
1 of 12 3290 Calvert Avenue # 8
1 Bed, 2 Baths
Rent To Own
Durfee
Townhouse/Condo
Detroit, MI 48206
2,816 Sqft | Built in 1924
1 of 12 3290 Calvert Avenue # 4
1 Bed, 2 Baths
Rent To Own
Durfee
Townhouse/Condo
Detroit, MI 48206
2,816 Sqft | Built in 1924
25404 Hanover St
3 Beds, 2 Baths
Rent To Own
 
Single Family Home
Dearborn Heights, MI 48125
1,344 Sqft | Built in 1940
13057 Prospect Ave
2 Beds, 1 Bath
Rent To Own
Southeast Warren
Single Family Home
Warren, MI 48089
696 Sqft | Built in 1952
14050 Manhattan St
3 Beds, 2 Baths
Rent To Own
 
Single Family Home
Oak Park, MI 48237
1,061 Sqft | Built in 1949
New
1 of 6 26432 Spicer St
4 Beds, 1 Bath
Rent To Own
 
Single Family Home
Madison Heights, MI 48071
1,026 Sqft | Built in 1939
Rent to own homes offer low monthly payments and flexible terms
1 of 34 350 N Main St #612
2 Beds, 2 Baths
Rent To Own
Downtown Royal Oak
Townhouse/Condo
Royal Oak, MI 48067
1,089 Sqft | Built in 2006
1 of 8 625 Vanderpool Dr
3 Beds, 1.5 Bath
Rent To Own
 
Single Family Home
Troy, MI 48083
1,754 Sqft | Built in 1969
1002 Mahaffey Ave
3 Beds, 1.5 Bath
Rent To Own
 
Single Family Home
Rochester, MI 48307
1,017 Sqft | Built in 1958
4652 Allore Rd
3 Beds, 1 Bath
Rent To Own
 
Single Family Home
Newport, MI 48166
816 Sqft | Built in 1950
New
1 of 64 1101 Clute Ct
5 Beds, 3 Baths
Rent To Own
 
Single Family Home
Lake Orion, MI 48362
2,947 Sqft | Built in 1935
1 of 56 1375 Red Barn Dr
3 Beds, 1 Bath
Rent To Own
 
Single Family Home
Oxford, MI 48371
1,028 Sqft | Built in 1966
Hot
1 of 14 525 Maloney St
3 Beds, 3 Baths
Rent To Own
 
Single Family Home
Oxford, MI 48371
2,519 Sqft | Built in 1977
134 N Milford Rd
3 Beds, 2 Baths
Rent To Own
Downtown Highland
Single Family Home
Highland, MI 48357
1,785 Sqft | Built in 1885
New
1 of 60 10414 Stoney Point Dr
4 Beds, 3.5 Baths
Rent To Own
 
Single Family Home
South Lyon, MI 48178
3,332 Sqft | Built in 2016
1442 Riley Center Rd
3 Beds, 1.5 Bath
Rent To Own
 
Single Family Home
Riley, MI 48041
1,776 Sqft | Built in 1991
8900 E Jefferson Ave Apt 718
1 Bed, 1 Bath
Rent To Own
Belle Isle
Single Family Home
Detroit, MI 48214
600 Sqft | Built in 1966
Hot
1 of 14 15410 Ferguson
3 Beds, 1.5 Bath
Rent To Own
Cerveny
Single Family Home
Detroit, MI 48235
1,164 Sqft
Hot
1 of 2 21604-21608 Moross
4 Beds, 2 Baths
Rent To Own
Finney
Single Family Home
Detroit, MI 48236
1,700 Sqft
3225 S Annabelle St
3 Beds, 1 Bath
Rent To Own
 
Single Family Home
Detroit, MI 48217
1,093 Sqft | Built in 1961
1 of 15 6633 Ternes St
3 Beds, 2 Baths
Rent To Own
Ford Woods
Single Family Home
Dearborn, MI 48126
1,512 Sqft | Built in 1928
New
1 of 23 2900 E Jefferson Avenue # 61 C8
3 Beds, 2.5 Baths
Rent To Own
Downtown
Townhouse/Condo
Detroit, MI 48207
2,895 Sqft | Built in 1920
1 of 10 1929 Hyde Park
2 Beds, 2 Baths
Rent To Own
Downtown
Multifamily (2 - 4 Units)
Detroit, MI 48207
1,500 Sqft | Built in 1960
Hot
1 of 24 4282 Waverly
6 Beds, 2.5 Baths
Rent To Own
Winter Halter
Single Family Home
Detroit, MI 48204
2,350 Sqft
1 of 43 7 Gleneagles Ct
3 Beds, 3.5 Baths
Rent To Own
Springwells
Townhouse/Condo
Dearborn, MI 48120
3,214 Sqft | Built in 1999
7011 Kendal St
3 Beds, 1 Bath
Rent To Own
Fordson
Single Family Home
Dearborn, MI 48126
1,183 Sqft | Built in 1956
1 of 23 427 Laprarie St.
3 Beds, 1 Bath
Rent To Own
 
Multifamily (2 - 4 Units)
Ferndale, MI 48220
1,125 Sqft | Built in 1941
1 of 6 3750 Glendale Avenue
3 Beds, 2.5 Baths
Rent To Own
Winter Halter
Multifamily (2 - 4 Units)
Detroit, MI 48238
2,096 Sqft | Built in 1937
1 of 7 19536 Ridgemont St
2 Beds, 1.5 Bath
Rent To Own
 
Townhouse/Condo
St. Clair Shores, MI 48080
1,114 Sqft | Built in 1973
Hot
25304 Shiawassee Cir Apt 106
1 Bed, 1 Bath
Rent To Own
 
Townhouse/Condo
Southfield, MI 48033
620 Sqft | Built in 1967
1 of 14 420 E Meyers Ave
3 Beds, 2 Baths
Rent To Own
 
Single Family Home
Hazel Park, MI 48030
2,010 Sqft | Built in 1947
1 of 13 7284 Orchard Ave
3 Beds, 1 Bath
Rent To Own
Southwest Warren
Single Family Home
Warren, MI 48091
1,155 Sqft | Built in 1940
Hot
21474 Kelly Rd
3 Beds, 1.5 Bath
Rent To Own
 
Single Family Home
Eastpointe, MI 48021
1,436 Sqft | Built in 1940
1 of 18 21915 Cyman Ave
3 Beds, 1 Bath
Rent To Own
Southwest Warren
Single Family Home
Warren, MI 48091
1,454 Sqft | Built in 1949
1 of 16 16767 Lincoln Ave
2 Beds, 1 Bath
Rent To Own
 
Single Family Home
Eastpointe, MI 48021
1,336 Sqft | Built in 1951
1 of 14 22032 Elizabeth St
3 Beds, 2 Baths
Rent To Own
 
Single Family Home
Saint Clair Shores, MI 48080
1,120 Sqft | Built in 1952
22404 Edgewood St
3 Beds, 1.5 Bath
Rent To Own
 
Single Family Home
Saint Clair Shores, MI 48080
1,301 Sqft | Built in 1952
23329 Willard Ave
3 Beds, 1 Bath
Rent To Own
Southeast Warren
Single Family Home
Warren, MI 48089
1,170 Sqft | Built in 1938
1 of 18 19 Woodward Hts. Blvd.
4 Beds, 3 Baths
Rent To Own
 
Multifamily (2 - 4 Units)
Pleasant Ridge, MI 48069
2,014 Sqft | Built in 1940
1 of 10 7547 Stephens
2 Beds, 1 Bath
Rent To Own
 
Single Family Home
Center Line, MI 48015
672 Sqft | Built in 1922
New
1 of 12 9509 Sylvia St
3 Beds, 1 Bath
Rent To Own
 
Single Family Home
Taylor, MI 48180
1,001 Sqft | Built in 1970
1 of 21 11180 Ziegler St
3 Beds, 2 Baths
Rent To Own
 
Single Family Home
Taylor, MI 48180
1,512 Sqft | Built in 2003
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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 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%.

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.

Detroit, MI Frequently Asked Questions

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%.

This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Some data might be from tax-rates.org
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