Rent to own Homes in Farmington, MI
Farmington, MI is a great place for affordable rent-to-own homes! With a median household income of over $78,875 and a median rent of $1,084, the Farmington, MI rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Farmington, MI. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Farmington, MI Property Resources
Rent to own Homes in Cities Near Farmington, MI
- Allen Park
- Ann Arbor
- Auburn Hills
- Berkley
- Beverly Hills
- Bingham Farms
- Birmingham
- Bloomfield Hills
- Canton
- Center Line
- Clawson
- Commerce Township
- Dearborn
- Detroit
- Farmington
- Farmington Hills
- Ferndale
- Flat Rock
- Franklin
- Garden City
- Grosse Ile
- Hamtramck
- Hartland
- Hazel Park
- Highland
- Highland Park
- Huntington Woods
- Inkster
- Lake Orion
- Madison Heights
- Melvindale
- Novi
- Pleasant Ridge
- Pontiac
- Redford
- Rochester
- Rochester Hills
- Royal Oak
- Southfield
- Sylvan Lake
- Troy
- Village of Clarkston
- Walled Lake
- Waterford
- Wayne
- West Bloomfield
- Westland
- White Lake
- Whitmore Lake
- Wixom
Neighborhoods in Farmington, MI
Downtown Farmington rent to own homes Farmington Historic District rent to own homesBuying a Home in Farmington, MI
Farmington, MI is seeing rapid growth and Farmington, MI's' housing market remains not optimal with an average home price that is 2% above the 2024 national average. Farmington, MI is part of Oakland county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Oakland is 1.75% which is above the national average, which is 0.99%.