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Michigan is a great place to raise a family, study, and work. It boasts a thriving automotive industry that brings in a large number of workers from different countries. Furthermore, many people come to this state as students at community colleges or universities like Central Michigan University (CMU) and Michigan State University (MSU).
The state is positioned in the northwestern part of the U.S. It’s bordered by 4 of the 5 Great Lakes on 3 sides, such as Lake Michigan, Lake Huron, Lake Superior, and Lake Erie. To the south, Michigan borders Indiana as well.
As the number of rent to own properties rise, Michigan becomes an appealing option for a growing number of buyers. This should not come as a surprise given the benefits of rent-to-buy housing agreements.
The following are rental listings for the state of Michigan, most of which include rent-to-own homes.
Purchasing a Home in Michigan
MSHDA provides Michigan residents with payment assistance with the goal of repeating home buyers. Whether you want to buy a foreclosed home or upgrade to a bigger house, check if you meet all the requirements before taking the homeownership journey.
New home listings are outweighed by foreclosure listings. That allows home buyers to secure a low price. However, they need to have a clear idea of renovation costs.
Not many foreclosed homes and properties are move-in ready. Most houses on the market require remodeling or renovation.
Renting to Own vs. Buying a Home
If you opt for a rent to own house in Michigan, you will not have to apply for a mortgage and secure a loan at once. However, renting out a home is not an excellent option for everyone. So before you sign a rental agreement or program, take the time to weigh the perks and drawbacks.
When it comes to the advantages, renters can credit the rent to either closing expenses or selling price. They can settle into their dream house without shelling out a hefty amount of cash right away. Moreover, they have a chance to clean up their credit records and save some money before purchasing the home.
As for the downside, rent-to-own programs typically come with added and non-refundable upfront fees. There’s also a monthly cost of renting a home. Besides, renters are required to secure financing to purchase their house outright.
Michigan Cost of Living
Michigan has a housing cost that’s roughly 30% below the national average. Similarly, the cost of living and most other expenses are a bit lower than the national average. However, the utility bills and transportation expenses are
slightly above the average.
Whether you are a first-time homebuyer or an experienced renter, you will find a lot of options in Michigan. If you’re not ready to apply or can’t qualify for a mortgage, consider renting out a home. While not the best option on all occasions, this is a good way to go for those who would like to move into a new house but cannot afford to buy it immediately.
There’s a huge selection of rent-to-own houses in Michigan. You can find them in both metropolitan areas and outskirts of big cities or small towns. If you’re eager to rent out a home in this state, you need to go through our listings. With a variety of discounts and promos, there is a good chance you will find something that meets your expectations.
Reported Annual Crime In Michigan