Rent to own Homes in Owosso, MI
Owosso, a small city in central Michigan, is located just a few hours from Flint, Detroit or Chicago. Owosso offers a variety of transportation options, including an airport and an Amtrak station just outside the city. Winters tend to be very cold, with snow lasting into April, but the climate is otherwise temperate for the rest of the year. Although small, Owosso has a long history and is home to many historic and cultural landmarks.
Owosso, MI is a great place for affordable rent-to-own homes! With a median household income of over $41,943 and a median rent of $722, the Owosso, 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 Owosso, 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.
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Owosso, MI is seeing rapid growth and Owosso, MI's' housing market remains optimal with an average home price that is -58% below the 2024 national average. Owosso, MI is part of Shiawassee 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 Shiawassee is 1.24% which is above the national average, which is 0.99%.
Median Home Price in Owosso, MI
Median Rent in Owosso, MI
Top 7 Reasons to Move to Owosso, MI
Affordable amenities! Houses for sale in Owosso average around $73,000, and the cost of living in the city is well below the U.S. average. Low prices are reflected in the town's stores, including Walgreens and local shops like Brady's Foodland and Benny's Donuts.
Fair fun! Residents and visitors enjoy the annual Curwood Festival, an internationally acclaimed fair featuring parades, street fairs, carnival rides and a Renaissance reenactment. For those pursuing an education, Baker College offers a range of degree programs.
Rich history! Owosso's Curwood Castle, the studio of famous writer James Oliver Curwood, is listed on the National Register of Historic Places. The castle is now a museum dedicated to the lives of Curwood and Thomas E. Dewey, another Owosso native. The George Perrigo house is another historic location listed on the National Register of Historic Places.
Cultural base! The Mitchell Amphitheatre in town hosts many concerts and events throughout the summer. Other cultural attractions in the area include the Shiawassee Arts Center, the Shiawassee Center for the Performing Arts, the Shiawassee District Library and the Movie Museum.
Train trivia! The historic Steam Railroading Institute located in Owosso not only offers visitors rides on vintage trains, but it also provided the recording for the steam engine in Steven Spielberg's The Polar Express, and served as the basis for the film's computer-generated trains. The Great Lakes Central Railroad is also headquartered in the city. Owosso is definitely a place for any railroad lover!
Racing center! Aside from its rich art culture, the city boasts the Owosso Speedway for race car enthusiasts. It hosts year-round events, including open wheel and stock car racing. Families looking for an exciting day of go-karting can stop at Owosso Kart Speedway, from May through September.
Cheap rentals! Whether you're renting or looking for a rent to own property, median rents run around $600 per month. Houses on contract tend to be a bit higher, but higher costs help expedite home ownership. Some of the most affordable homes can be found near the city center, or near S Chipman St and W Stewart, and near Baker College.