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:$250,426
Avg Rent:$1,477/mo
Avg Price/Rent:14.0
Michigan Housing Market Summary
8
Cities Analyzed
0
Favor Buying
6
Favor Renting
2
Toss-Up
Across Michigan's 8 analyzed cities, the majority (6 cities) favor renting over buying. High home prices relative to rents make renting more financially attractive in much of Michigan.
The average home price in Michigan is $250,426, with average rents at $1,477/month. This gives an average price-to-rent ratio of 14.0.
$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 | $172,107.12 | $1,375.22 | 10.4 | 9 yrs | Toss-up |
| Grand Rapids | $335,851.05 | $1,746.16 | 16.0 | N/A | Rent |
| Warren | $261,060.56 | $1,388.24 | 15.7 | N/A | Rent |
| Sterling Heights | $261,060.56 | $1,388.24 | 15.7 | N/A | Rent |
| Ann Arbor | $399,989.85 | $2,164.82 | 15.4 | N/A | Rent |
| Lansing | $216,047.91 | $1,303.21 | 13.8 | N/A | Rent |
| Flint | $185,182.84 | $1,076.94 | 14.3 | N/A | Rent |
| Livonia | $172,107.12 | $1,375.22 | 10.4 | 9 yrs | Toss-up |
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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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