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Home » Rent to Own Homes in Michigan » Rent to Own Homes in Detroit
Rent to Own Homes in Detroit

Overview

Known as the heart of America’s auto industry city, Detroit’s first claim to this title occurred in 1896 when Henry Ford test drove his first car on the city streets. Later, Ransom E. Olds opened the first auto manufacturing plant in Detroit, followed by The Ford Motor Company and General Motors. Many other manufacturers soon followed, giving Detroit residents a bustling economy.

The auto industry decline affected residents and the city itself in many ways but did not change the great sports, attractions, and homes available in Detroit. Hockey fans live throughout Detroit. The Red Wings pro-hockey team gets plenty of love from the city. Detroit is home to a professional basketball team as well, the Detroit Pistons.

The Great Lakes area offers a plethora of outdoor activities like fishing, boating, hiking, and camping. Pack the bags and prepare for a fun night or weekend at the Great Lakes! The 32-miles strait of water known as the Detroit River provides the perfect atmosphere for any weekend getaway.

Top Detroit attractions and things to do apart from the Great Lakes adventures include the Detroit Institutes of Art, Belle Isle, The Henry Ford Museum, and the Motown Museum. Top employers in Detroit in 2020 include Henry Ford Health Center, Ford Motor Co., General Motors, FCA US LLC, and the US Government.

Buying a Home in Detroit

A home sold for $1 in Detroit about five years ago. Yes, thanks to Detroit’s tax incentives, a crisp one-dollar bill could very well buy a home in Motor City. And that instance is one of many incredibly unheard, super-cheap deals on a Detroit home. Some homes in Detroit have sold for as little as a few thousand dollars.

These homes do incur taxes and fees and some are not in the best condition. Some of the homes may be uninhabitable without maintenance and upgrades. Carefully research and inspect any home before purchase.  What you think is a great deal on a home may  turn out to be a nightmare if you do not research and inspect before purchase. Detroit has many great homes so do not allow this statement to mislead you to think otherwise.

The median home price in Detroit in 2020 is $53,970. You did correctly read those numbers. It goes without saying that Detroit homes reflect some of the most affordable in the United States. Of course, the price you pay for a home greatly depends on the neighborhood. Some neighborhoods offer more affordable homes than others, so do browse wisely.

Popular Neighborhoods in Detroit

The Riverfront neighborhood has a variety of quality homes near downtown Detroit. Homeowners in this neighborhood enjoy beautiful views of the Detroit River. Plenty of attractions and restaurants fill the downtown area for Riverfront property owners. The Lafayette Park neighborhood offers parks and green spaces for residents who love the outdoors. Grosse Pointe is home to some of Detroit’s wealthier residents. If you want neighbors who own yachts and fall into a different tax bracket, this is the perfect neighborhood. 

Minock Park and Grandmont are great neighborhoods for those who enjoy the great Detroit history and want homes that reflect times of long ago. Each neighborhood is walkable, safe, and has beautiful homes for sale and a few for rent. Midtown is popular for college-age students and young families. There is a university located in the Midtown neighborhood.

No matter what you seek in a neighborhood, Detroit has something that will meet your expectations. Quiet neighborhoods to those with coffeehouses and entertainment keep Detroit diverse and suitable for every lifestyle. 

Buying Vs. Rent to Own Homes

Buying a home is a big step that sounds great until you learn exactly what’s involved in the purchase. You need a lot of money to buy a home, plus good credit, time, and patience. If you have dreams of homeownership but are not quite ready, rent-to-own may suit your needs. With a rent-to-own contract, you can rent the home for several years as you prepare for the purchase. Most contracts last up to three years, however, the length of the contract is negotiable with the owner. 

Use the time to save money, build your credit, and otherwise prepare for the next stage in your life. Rent-to-own helps many people attain the American dream and can do the same for you.

Cost of Living in Detroit

If nothing else about Detroit sounds nice, the fact that housing in the city has an 80% lower cost of living than the national average certainly will. Owning a Detroit home is so affordable for anyone seeking the opportunity. The overall cost of living is about 22% lower than the national average. Detroit MI is the perfect big city for budget-conscious families seeking affordable homeownership opportunities. You always get a little bit more for your money when living in Detroit.

Summary

People move to Detroit when they seek affordability and outdoor adventure. Over 620,000 people currently call the city home. Motor City certainly offers its residents both. Nature lovers spend time on the lake but have many other attractions and activities to pick from as well. Many large businesses are located in Detroit, giving residents a variety of employment opportunities. Of course, the very low housing cost is the true highlight of living in Detroit. Nowhere else in America can you find a home selling for prices as low as you find here. Like any city, Detroit has positive and negative attributes but for most people, has plenty to offer.

Rent to Own Realtors

Browse free rent-to-own listings in Detroit on our site if the traditional buying process does not appeal to your needs. Realtors usually do not offer rent-to-own because the profit is not immediate. We make finding your next home simple. A rent-to-own contract gives buyers so many more options. Search our listings with full confidence. We freshly update the available listings for your satisfaction.

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City of Detroit, MI Demographic Information

  • Population:892,541
  • White Population:105,317
  • Black Population:733,219
  • Hispanic Population:46,330
  • Asian Population:7,310
  • Hawaiian Population:220
  • Indian Population:2,946
  • Other Population:23,853
  • Male Population:419,616
  • Female Population:472,925
  • Avg House Value:$59,284
  • Avg Household Income:$28,053

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