Rent to own Homes in Madison Heights, MI
For a city of just over 30,000, Madison Heights is booming with action and opportunity. Located in Oakland County, Madison Heights is just 12 miles north of Detroit. It has a suburban feel yet is very much within the Motor City's metropolitan area. New residents quickly find Madison Heights' bustling mix of shops, green space, houses and community activities to be uniquely charming.
Madison Heights, MI is a great place for affordable rent-to-own homes! With a median household income of over $54,668 and a median rent of $992, the Madison Heights, 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 Madison Heights, 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 Madison Heights, MI Property Resources
Rent to own Homes in Cities Near Madison Heights, MI
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- Royal Oak
- Southfield
- St. Clair Shores
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- Taylor
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Neighborhoods in Madison Heights, MI
Downtown Madison Heights rent to own homesPopular Zip Codes in Madison Heights, MI
48071 rent to own homesBuying a Home in Madison Heights, MI
Madison Heights, MI is seeing rapid growth and Madison Heights, MI's' housing market remains optimal with an average home price that is -37% below the 2024 national average. Madison Heights, MI is part of Oakland 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 Oakland is 1.75% which is above the national average, which is 0.99%.
Median Home Price in Madison Heights, MI
Median Rent in Madison Heights, MI
Top 4 Reasons to Live in Madison Heights, MI
Shop at every store in town! Madison Heights is full of shopping destinations, with an incredible 23 shopping centers. Many of these feature familiar retailers and smaller shops, so you should be able to find everything under the sun within the city's borders. Try strolling around Madison Place Shopping Center, which features a movie theater, Big Lots, and Best Buy, and Madison Manor Shopping Center, which features shops and a range of restaurants. The Universal Mall Shopping Center is also located along the eastern edge of town.
Buy while the market's hot! Property value in Madison Heights has jumped over 10 percent in the last year, and it's anticipated that housing values will continue to rise. Even better, the price per square foot is $80, which is lower than the Detroit metro average. If you are unsure about buying, consider looking for rent to own homes as this will allow you time to see if a house or condo is right. To find something suitable, scan listings near Huffman Park and Walter P. Reuther Freeway (I-696) in the south or around Luck's Music Library in the north.
Say hello to the wonderful outdoors! With Detroit so close, it's hard to imagine there being lots of green space here, but there's plenty. Nature enthusiasts are certain to enjoy a walk through the 163-acre Red Oaks County Park. For a nice picnic while the sun is shining, head to Civic Center Park. Cyclists are bound to love the dirt BMX trail at Rosie's Park. There are numerous other parks, sports complexes and natural areas as well, so get out and breathe the fresh air.
Find a rental! About 36 percent of housing units Madison Heights are being leased, a rate that's higher than Michigan's average. Madison Park Apartments near Ambassador Park has one- and two-bedroom flats. Concord Towers, right off Interstate-75, typically has available apartments, too. There are also houses and condos available for rent throughout town.