Rent vs Buy in Michigan
Compare 8 cities across Michigan. Find out whether renting or buying makes more financial sense in your area.
8cities analyzed
Avg Home:$238,125
Avg Rent:$1,325/mo
Avg Price/Rent:15.2
Michigan Housing Market Summary
8
Cities Analyzed
6
Favor Buying
0
Favor Renting
2
Toss-Up
Across Michigan's 8 analyzed cities, the majority (6 cities) favor buying over renting. This suggests Michigan generally offers good value for homebuyers.
The average home price in Michigan is $238,125, with average rents at $1,325/month. This gives an average price-to-rent ratio of 15.2.
$Most Affordable Cities
$$Most Expensive Cities
All Michigan Cities
Sorted by population. Click any city for detailed analysis.
| City | Median Price | Median Rent | Price/Rent | Break-even | Verdict |
|---|---|---|---|---|---|
| Detroit | $235,000 | $1,500 | 13.1 | 4 yrs | Buy |
| Grand Rapids | $240,000 | $1,200 | 16.7 | 4 yrs | Buy |
| Warren | $240,000 | $1,550 | 12.9 | 5 yrs | Buy |
| Sterling Heights | $210,000 | $1,350 | 13.0 | 4 yrs | Buy |
| Ann Arbor | $245,000 | $1,450 | 14.1 | 4 yrs | Buy |
| Lansing | $250,000 | $1,200 | 17.4 | 9 yrs | Toss-up |
| Flint | $230,000 | $1,200 | 16.0 | 5 yrs | Buy |
| Livonia | $255,000 | $1,150 | 18.5 | 9 yrs | Toss-up |
Compare Other States
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These are general analyses based on median values. Use our comprehensive Buy vs Rent calculator to input your specific income, savings, and financial goals.
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