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 300
204 W BRENTWOOD ST
3 Beds, 1 Bath
Rent To Own
State Fair-Nolan
Single Family Home
Highland Park, MI 48203
1,056 Sqft | Built in 1951
25404 HANOVER ST
2 Beds, 3 Baths
Rent To Own
 
Single Family Home
Dearborn Heights, MI 48125
1,344 Sqft | Built in 1940
15484 NORTHLAWN ST
3 Beds, 1 Bath
Rent To Own
Harmony Village
Single Family Home
Detroit, MI 48238
1,243 Sqft | Built in 1926
7274 Lamphere St
2 Beds, 1 Bath
Rent To Own
Cody-Rouge
Single Family Home
Detroit, MI 48239
748 Sqft | Built in 1949
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
13057 PROSPECT AVE
2 Beds, 1 Bath
Rent To Own
Southeast Warren
Single Family Home
Warren, MI 48089
900 Sqft | Built in 1952
502 ALBANY ST
3 Beds, 1 Bath
Rent To Own
Downtown Ferndale
Single Family Home
Ferndale, MI 48220
1,150 Sqft | Built in 1928
11092 PACKARD AVE
2 Beds, 1 Bath
Rent To Own
Southeast Warren
Single Family Home
Warren, MI 48089
850 Sqft | Built in 1951
Rent to own homes offer low monthly payments and flexible terms.
8685 FORD AVE
3 Beds, 1 Bath
Rent To Own
Southeast Warren
Single Family Home
Warren, MI 48089
1,200 Sqft | Built in 1948
14050 MANHATTAN ST
3 Beds, 2 Baths
Rent To Own
 
Single Family Home
Oak Park, MI 48237
1,061 Sqft | Built in 1949
Hot
13518 POPLAR ST
2 Beds, 1 Bath
Rent To Own
 
Single Family Home
Southgate, MI 48195
660 Sqft | Built in 1949
20592 MAPLEWOOD ST
4 Beds, 3 Baths
Rent To Own
 
Single Family Home
Riverview, MI 48193
2,472 Sqft | Built in 1974
42260 FIVE MILE RD
4 Beds, 3 Baths
Rent To Own
 
Single Family Home
Plymouth, MI 48170
2,414 Sqft | Built in 2014
1002 MAHAFFEY AVE
3 Beds, 2 Baths
Rent To Own
 
Single Family Home
Rochester, MI 48307
1,017 Sqft | Built in 1958
51319 GEDDES RD
2 Beds, 1 Bath
Rent To Own
 
Single Family Home
Canton, MI 48188
823 Sqft | Built in 1937
4652 ALLORE RD
2 Beds, 1 Bath
Rent To Own
 
Single Family Home
Newport, MI 48166
816 Sqft | Built in 1950
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
3680 ALLEN RD
4 Beds, 4 Baths
Rent To Own
 
Single Family Home
Ortonville, MI 48462
4,400 Sqft | Built in 1991
134 N MILFORD RD
1 Bed, 2 Baths
Rent To Own
Downtown Highland
Single Family Home
Highland, MI 48357
1,808 Sqft | Built in 1885
1442 RILEY CENTER RD
3 Beds, 2 Baths
Rent To Own
 
Single Family Home
Riley, MI 48041
1,853 Sqft | Built in 1991
1 of 15 15856 EVANSTON ST
4 Beds, 1.5 Bath
Rent To Own
Finney
Single Family Home
Detroit, MI 48224
1,300 Sqft | Built in 1929
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 2 21604-21608 Moross
4 Beds, 2 Baths
Rent To Own
Finney
Single Family Home
Detroit, MI 48236
1,700 Sqft
1 of 14 5384 HEREFORD ST
3 Beds, 1 Bath
Rent To Own
Finney
Single Family Home
Detroit, MI 48224
1,000 Sqft | Built in 1939
Hot
1 of 9 18523 PEMBROKE AVE
3 Beds, 2.5 Baths
Rent To Own
Evergreen
Single Family Home
Detroit, MI 48219
1,764 Sqft | Built in 1947
1 of 31 3731 BURNS ST
3 Beds, 1 Bath
Rent To Own
Kettering-butzel
Single Family Home
Detroit, MI 48214
1,500 Sqft | Built in 1920
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
Hot
3320 RICHTON ST
6 Beds, 2 Baths
Rent To Own
Durfee
Single Family Home
Detroit, MI 48206
2,800 Sqft | Built in 1926
11866 LAING ST
3 Beds, 1 Bath
Rent To Own
Denby
Single Family Home
Detroit, MI 48224
857 Sqft | Built in 1942
Hot
11359 SUSSEX ST
2 Beds, 1 Bath
Rent To Own
Brooks
Single Family Home
Detroit, MI 48227
1,066 Sqft | Built in 1936
1 of 18 3289 HELEN ST
4 Beds, 2 Baths
Rent To Own
Kettering-butzel
Single Family Home
Detroit, MI 48207
2,575 Sqft | Built in 1910
1 of 18 5775 FISCHER ST
4 Beds, 1.5 Bath
Rent To Own
Kettering-butzel
Single Family Home
Detroit, MI 48213
1,600 Sqft | Built in 1908
Hot
13991 ALMA ST
4 Beds, 1 Bath
Rent To Own
Burbank
Single Family Home
Detroit, MI 48205
1,327 Sqft | Built in 1929
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
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 15 18686 FAIRPORT ST
3 Beds, 1 Bath
Rent To Own
Osborn
Single Family Home
Detroit, MI 48205
1,100 Sqft | Built in 1941
1 of 16 6171 STANTON ST
4 Beds, 2 Baths
Rent To Own
Rosa Parks
Single Family Home
Detroit, MI 48208
1,400 Sqft | Built in 1905
7011 KENDAL ST
3 Beds, 2 Baths
Rent To Own
Fordson
Single Family Home
Dearborn, MI 48126
1,183 Sqft | Built in 1956
1 of 43 7 GLENEAGLES CT
4 Beds, 4.5 Baths
Rent To Own
Springwells
Townhouse/Condo
Dearborn, MI 48120
3,402 Sqft | Built in 1999
1 of 15 6633 TERNES ST
4 Beds, 3.5 Baths
Rent To Own
Ford Woods
Single Family Home
Dearborn, MI 48126
1,812 Sqft | Built in 1928
1 of 18 10359 VIOLETLAWN ST
4 Beds, 2.5 Baths
Rent To Own
Mackenzie
Single Family Home
Detroit, MI 48204
2,000 Sqft | Built in 1927
1 of 10 18319 GRAYFIELD ST
2 Beds, 1 Bath
Rent To Own
Redford
Single Family Home
Detroit, MI 48219
850 Sqft | Built in 1923
Hot
1 of 9 16501 BURT RD
3 Beds, 1 Bath
Rent To Own
Rosedale Park
Single Family Home
Detroit, MI 48219
1,074 Sqft | Built in 1942
1 of 21 9158 MANSFIELD ST
4 Beds, 2 Baths
Rent To Own
Brooks
Townhouse/Condo
Detroit, MI 48228
1,706 Sqft | Built in 1950
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Popular Zip Codes in Detroit, MI

48231 rent to own homes

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 -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%.

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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