Rent to own Homes in Romulus, MI
Romulus, MI has been attracting new residents because of its affordable housing market and proximity to Metro Detroit. In the 2010 census, the city had a population of 23,989. Romulus has a rich history. It once served as a stop on the underground railroad and two of the structures that were used are still standing. The city boasts a strong economic base and is home to a General Motors plant, as well as the Detroit International Airport.
Romulus, MI is a great place for affordable rent-to-own homes! With a median household income of over $61,314 and a median rent of $913, the Romulus, 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 Romulus, 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 Romulus, MI Property Resources
Rent to own Homes in Cities Near Romulus, MI
- Allen Park
- Auburn Hills
- Berkley
- Bingham Farms
- Birmingham
- Bloomfield Hills
- Carleton
- Center Line
- Clawson
- Commerce Township
- Dearborn
- Dearborn Heights
- Detroit
- Eastpointe
- Estral Beach
- Farmington
- Ferndale
- Franklin
- Garden City
- Gibraltar
- Grosse Ile
- Grosse Pointe Park
- Hamtramck
- Hazel Park
- Highland Park
- Huntington Woods
- Keego Harbor
- Lathrup Village
- Lincoln Park
- Melvindale
- New Boston
- Newport
- Orchard Lake Village
- Pleasant Ridge
- Pontiac
- Redford
- Riverview
- Rochester Hills
- Romulus
- Southfield
- Sterling Heights
- Stony Point
- Sylvan Lake
- Taylor
- Troy
- Walled Lake
- Warren
- Wayne
- Woodhaven
- Woodland Beach
Neighborhoods in Romulus, MI
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Romulus, MI is seeing rapid growth and Romulus, MI's' housing market remains optimal with an average home price that is -49% below the 2024 national average. Romulus, 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 Romulus, MI
Median Rent in Romulus, MI
Top Six Reasons to Live in Romulus, MI
Historical and Modern: The Romulus Historical Park is the center of downtown. The district includes the Kingsley House, a 1923 windmill and the Wabash Freight caboose. The Kingsley House was built in 1855 and is home to the city's Historic Archives, which includes maps, assessments and genealogies from the city's early history. While the Kingsley House is not available as a rent to own home, it is open for regular tours.
Rising Home Values: Today's Romulus housing market offers plenty of bargains for residents and investors. In 2014, the median sales price was $76,500. This is nearly a 32% increase over the previous year. The estimated median value of a house or condo was $64,274 in 2012.
Community Festivals: Romulus residents come together throughout the year. The city hosts the annual Romulus Pumpkin Festival and Parade of Lights. The harvest celebration is held on the third full weekend of September and includes a classic car show and a parade on Goddard Street.
Staying Fit: The Romulus Athletic Center has banquet facilities, a fitness center and an aquatics center. For those who love golfing, the Gateway Golf Course has 18 holes and was designed by Bruce Mathews.
Great Restaurants and Local Produce: Romulus is home to several restaurants. Leonardo's Pizzeria and Restaurant is a local favorite that offers casual fare. Block's Stand and Greenhouse is a farmers market that offers fresh produce, flowers and crafts.
Low Property Taxes: The combination of low property taxes and great real estate prices combine to make Romulus a great option for buyers. The state assesses property at 50% of its market value, so owners pay half what they would in another state. Currently, Romulus has a variety of housing options, and buyers can find a property in an historic area or a modern condo. As of 2014, the city had 8,943 houses, of which 2,488 were renter occupied and 5,951 were owner occupied.