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.
More Detroit, MI Property Resources
Rent to own Homes in Cities Near Detroit, MI
- Allen Park
- Auburn Hills
- Berkley
- Beverly Hills
- Bingham Farms
- Birmingham
- Bloomfield Hills
- Center Line
- Clawson
- Clinton Township
- Dearborn
- Dearborn Heights
- Detroit
- Eastpointe
- Fair Haven
- Ferndale
- Franklin
- Fraser
- Grosse Ile
- Grosse Pointe Farms
- Grosse Pointe Park
- Grosse Pointe Woods
- Hamtramck
- Harper Woods
- Harsens Island
- Hazel Park
- Highland Park
- Huntington Woods
- Inkster
- Lathrup Village
- Madison Heights
- Melvindale
- Mount Clemens
- New Baltimore
- New Haven
- Oak Park
- Pleasant Ridge
- Pontiac
- Ray
- Redford
- Rochester
- Rochester Hills
- Roseville
- Royal Oak
- Southfield
- Sterling Heights
- Troy
- Utica
- Village of Grosse Pointe Shores
- Warren
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
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.