7-Year Rent vs Buy in Detroit, MI
If you plan to stay in Detroit for 7 years, here's how renting and buying compare.
⚖️ It's Close Either Way
Potential savings by buying: $2,416
Total Rent Paid
$114,937
Total Owner Costs
$206,439
Equity After Selling
$93,918
Customize Your Analysis
The above results use default assumptions. Adjust the inputs below to match your specific situation.
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
Total Rent Paid
Total Owner Costs
Net Cost (After Equity)
Share your scenario:
🏠
Rent or Buy Today
Enable ads in preferences for personalized content