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Rent to Own Homes in Michigan
The below results are primarily rent to own homes in :
The state of Michigan is located in the northwestern region of the United States and is surrounded on three sides by the Great Lakes. Lake Michigan runs along the state’s western border, and Lake Huron runs along the eastern border. The state of Indiana borders Michigan to the south, but it is the lakes that attract many residents. The auto manufacturing industry once thrived in Detroit and brought in thousands of workers, but the economy is now more diversified.
The northern Michigan region connected directly to the Great Lakes is known as the Upper Peninsula. This area is covered in thick forests, and less than 5 percent of the state’s population lives in this region. It is connected to the Lower Peninsula by the Mackinac Bridge. One of the most popular vacation destinations in the state is Mackinac Island, which is located between the two peninsulas. Motor vehicles aren’t allowed on the island, so visitors spend their time riding horse-drawn carriages and biking through the picturesque terrain.
Many residents come to Michigan as students at the University of Michigan or Michigan State University. The University of Michigan is located in Ann Arbor, and the Michigan State University campus is located in East Lansing. There are many other trade schools, community colleges and higher-degree schools located throughout the state, including the Wayne State University School of Medicine and Central Michigan University.
Buying a Home in Michigan
While most states now sponsor down payment assistance programs that cater to first-time homebuyers, the Michigan State Housing Development Authority offers this assistance to repeat homebuyers as well. If you’re upgrading to a larger Michigan home or want to take advantage of foreclosure deals still appearing in most areas of the state, you may want to see if you meet the qualifications before starting the home-buying process.
Foreclosure listings often outweigh new construction listings on the Michigan real estate market. This gives homebuyers the opportunity to secure low prices, but you have to factor in what you expect to spend renovating the property. While some foreclosed properties are suitable for immediate move in, others will require substantial work before you can take up residence.
Popular Neighborhoods in Michigan
Detroit has always been the star city of Michigan, but it took a major hit when the auto industry nearly collapsed during the recent economic downturn. As plants closed and jobs disappeared, residents fled to smaller towns throughout the state or other states altogether. Today, extensive revitalization projects are bringing the city back to life. If you want to live near Motor City, venture out to Huntington Woods. It will place you within close proximity to community activities within Detroit while delivering a safe, small town vibe and excellent public schools.
If you don’t need to stay close to larger cities to seek employment, you may want to live in Lambertville. It’s located in the southeastern corner of the state and is largely populated by families with children of all ages. It’s also close to Toledo, Detroit and Ann Arbor. If you prefer to live towards Grand Rapids or Kalamazoo, consider moving to the Bryan Center area.
Buying vs. Rent to Own Homes
Should you secure financing to buy your Michigan home outright, or is it better to rent first? You can expect to spend less of your budget on housing if you do buy your home, but you don’t have to go through the stress of securing a mortgage loan right now. Rent-to-own agreements allow you to start out as a renter, giving you the opportunity to save money and clear up other obstacles before you buy the property. The terms of these deals can vary and not all homes on the market will come with this option, but it is something to consider if you want to move into your own home but aren’t prepared to start applying for a mortgage today.
Cost of Living in Michigan
Since the cost of housing in Michigan is approximately 30 percent lower than the national average, you can expect the overall cost of living to also fall a little below national average. There are many foreclosure homes still sitting on the market, but even newly constructed homes often sell at affordable prices in comparison to similar homes in some other states. All other expenses are more closely matched to national averages, and many residents spend slightly more than average on transportation and utilities.
Detroit was the highlight of Michigan for many years as it brought in thousands of jobs in the auto manufacturing industry. The city is now rebuilding after hard economic hits in the recent past, and there are some thriving communities developing within and slightly outside of the city. Michigan also boasts some of the best ski destinations in the United States and is home to Mackinac Island. Surrounded by the Great Lakes, this is one state that will keep you active whether the ground is covered in snow or the sun is shining.