Rent vs Buy in Detroit, MI

Should you rent or buy a home in Detroit? Use our calculator with local market data to make an informed decision.

Median Home Price
$220,000
Median Rent
$1,250/mo
Property Tax Rate
1.62%
Price-to-Rent Ratio
14.7x

Rent vs Buy in Detroit, Michigan

Should you rent or buy a home? Calculate your best option.

Your Scenario

$
$
%
%
7 years
1 years30 years

Explore Scenarios

Adjust these sliders to see how different assumptions affect your decision.

Mortgage Rate7.00%
5%7%9%
Home Appreciation3.0%
0%3%5%
Rent Growth3.0%
0%3%6%
Time Horizon7 years
35710

💡 Tips

  • • Higher mortgage rates favor renting
  • • Higher home appreciation favors buying
  • • Higher rent growth favors buying
  • • Longer time horizons typically favor buying
⚖️It's a Toss-Up

You could save $2,416 by buying

Over 7 years

Monthly Cost (Rent)
$1,368
Average
Monthly Cost (Own)
$1,855
Average (excl. equity)
Total Rent Paid
$114,937
Total Owner Costs
$206,439
Final Equity
$93,918
After selling costs
Break-Even Year
Year 7
Within horizon

Upfront Costs to Buy

Down Payment (20%)$44,000
Closing Costs (3%)$6,600
Total Needed$50,600

Cost Comparison Over Time

$206,439$165,151$123,864$82,576$41,288-$00y1y2y3y4y5y6y7y
Total Rent Paid
Total Owner Costs
Net Cost (After Equity)
Share your scenario:
🏠

Rent or Buy Today

Enable ads in preferences for personalized content

Explore Time Horizons

3
Year Horizon
5
Year Horizon
7
Year Horizon
10
Year Horizon

About Buying vs Renting in Detroit

The decision to rent or buy in Detroit, Michigan depends on many factors including your financial situation, how long you plan to stay, and current market conditions.

With a median home price of $220,000 and median rent of $1,250 per month, Detroit has a price-to-rent ratio of 14.7. This relatively low ratio suggests buying may be advantageous.

Use our calculator above to input your specific scenario and see a personalized analysis. Adjust the time horizon, mortgage rate, and other factors to explore different outcomes.