Is It Worth Buying a Home in Detroit, MI?
The decision to rent or buy in Detroit, Michigan depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $85,000 and median monthly rent of $1,100, the math plays out differently depending on your personal situation.
Detroit has an average property tax rate of 1.31% annually, which adds approximately $93/month to the cost of homeownership on a median-priced home.
Historically, home values in Detroit have appreciated at roughly 1.2% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Detroit Buyers
- Down payment of 20% on a median home = $17,000
- Monthly mortgage (30yr at 6.99%) ≈ $452/mo
- Property tax ≈ $93/mo
- Estimated maintenance ≈ $71/mo