Lansing is the capital city of Michigan and has a population of over 114,000. The city is located on the banks of the state's Grand River. It is roughly 90 miles outside of Detroit. Lansing is known as the home of Michigan State University, the Library of Michigan and Historical Center, and the Michigan State Capitol Building, which was built in 1878. The city also has a thriving arts scene and great restaurants, making it a place many want to live in.
Lansing, MI is a great place for affordable rent-to-own homes! With a median household income of over $44,233 and a median rent of $847, the Lansing, 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 Lansing, 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.
Lansing, MI is seeing rapid growth and Lansing, MI's' housing market remains optimal with an average home price that is -60% below the 2023 national average. Lansing, MI is part of Ingham 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 2023 for county Ingham is 1.97% which is above the national average, which is 0.99%.
Housing Statistics The average price per square foot in Lansing is $83, which shows a steady increase of 5.1 precent in comparison to the same period last year. The median sales price for the homes from May 13 to July 13 was $76,500-a statistic approximated based on 453 individual sales. The median sales price has also increased since last year, showing a 14.2 percent rise, which translates as $9,500. Within Lansing, the amount of sales has dropped by 33.3 percent. At the moment, there are a total of 1,304 homes available, both resale and new. This includes 877 houses either in pre-foreclosure, the auction-stage or bank owned. Homes are also available for rent to own. 10.58 percent of the homes within Lansing are currently vacant.
Largest Employers and Industries In Lansing, the state government is responsible for the highest percentage of employment. Services, retail, education, and transportation product manufacturing comprise the bulk of the economy for the Lansing metropolitan area. Within the services sector, healthcare is the biggest employer, with business services coming in second and trade associations third. Education is a major player-The Michigan State University alone generates revenues of over $1.6 billion. There are a plethora of insurance companies, such as Sparrow Health System, in and around Lansing that hold corporate offices in the city or are headquartered there.
Outdoors Activities Lansing has many outdoor activities for you to enjoy. Michigan State University offers locals and visitors a range of sightseeing services. The W.J Beal Botanical Gardens, known to be the oldest botanical garden in the state, is one of the most popular sightseeing destinations. Visitors are blown away by the thousands of different species of plant. The university also opens up its planetarium, the Abrams Planetarium, and all interested can enjoy the enormous space theater and exhibition area. Potter Park Zoo is another great place to get the most out of the outdoors. This zoo provides a glimpse into the lives of over 100 different species of animal. Lansing residents have access to 3000 acres of woods and marshland, due to the city's close proximity with The Rose Lake Wildlife Research Station. Here, anyone eager can enjoy a range of hiking trails open to the public.
Weather and Climate Lansing is found on the Grand River as it turns onto the Red Cedar, and because of this the climate likes to alternate between continental and semi-marine. This means that Lansing gets very cold during the winter--on average, there are over ten nights when temperatures will drop below 0 degrees F--and very hot in the summer--on average, there are eight days when the temperature will rise above 90 degrees F. The area averages 49 inches of snow each year and also experiences tornadoes and thunderstorms from time to time.
Local Shopping The Lansing Mall is known as the biggest and most popular shopping mall in the area. This mall boasts over 125 stores and food outlets. There is a large antiques store in Lansing called the Mega Mall, holding thousands of antique collectibles in a total of 40,000 square feet. When near Michigan State University, shoppers will notice an influx of student-specialized stores. East Lansing is filled to the brim with quirky restaurants, used record stores, and bookstores. Found right on the corner of Cedar Street, Lansing City Market is a local favorite. This bustling market has been selling fresh fruit and vegetables since 1909.