Rent to own Homes in Royal Oak, MI
Best of small-town and big-city worlds. The city of Royal Oak offers the feel of a small town while being just a short drive from downtown Detroit and the 125-acre Detroit Zoo. Royal Oak's tree-lined neighborhoods have earned the city the distinction of "Tree City USA" from the National Arbor Day Foundation every year since 1976.
Royal Oak, MI is a great place for affordable rent-to-own homes! With a median household income of over $83,194 and a median rent of $1,129, the Royal Oak, 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 Royal Oak, 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 Royal Oak, MI Property Resources
Rent to own Homes in Cities Near Royal Oak, MI
- Allen Park
- Auburn Hills
- Beverly Hills
- Birmingham
- Canton
- Center Line
- Clawson
- Clinton Township
- Dearborn
- Dearborn Heights
- Eastpointe
- Ecorse
- Farmington Hills
- Ferndale
- Grosse Ile
- Grosse Pointe Park
- Grosse Pointe Woods
- Huntington Woods
- Keego Harbor
- Lake Angelus
- Lathrup Village
- Livonia
- Macomb
- Melvindale
- Northville
- Novi
- Oakland
- Orchard Lake Village
- Oxford
- Pleasant Ridge
- Plymouth
- Pontiac
- Redford
- River Rouge
- Riverview
- Rochester
- Rochester Hills
- Romeo
- Roseville
- Royal Oak
- Southfield
- St. Clair Shores
- Sylvan Lake
- Taylor
- Warren
- Waterford
- Westland
- White Lake
- Wolverine Lake
- Woodhaven
Neighborhoods in Royal Oak, MI
Downtown Royal Oak rent to own homesPopular Zip Codes in Royal Oak, MI
48068 rent to own homes 48067 rent to own homes 48073 rent to own homesBuying a Home in Royal Oak, MI
Royal Oak, MI is seeing rapid growth and Royal Oak, MI's' housing market remains not optimal with an average home price that is 9% above the 2024 national average. Royal Oak, 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%.
Median Home Price in Royal Oak, MI
Median Rent in Royal Oak, MI
Top 14 Reasons to Live in Royal Oak, MI
Home ownership opportunities! More than 70% of the properties here are owner occupied, so you shouldn't have trouble finding a place to put down long term roots. Check out Woodward Ave. or City Center for some ideas.
Good mix of homes! While more than 60% of homes are detached, single family dwelling, there are many large apartment complexes, small apartment buildings, and other residential types to choose from. Check out your options on McLean Ave. or Crooks Rd.
Transportation access! Located near I-696, I-75 and M-10, Royal Oak is an easy drive from most of the Detroit metro area. The average commute time for a Royal Oak resident is 22.4 minutes. An Amtrak stop in town provides service to Chicago (via Detroit).
A variety of restaurants! Downtown Royal Oak has many dining options. Stop in at Comet Burger for a 1950s-diner feel or eat inventive sushi at Ronin. Town Tavern serves American comfort food with a contemporary twist.
Unique boutiques! Royal Oak is known for its independent boutiques, most of which are located downtown. Lost and Found Vintage is a local favorite. Burn Rubber sells hip sneakers in addition to its own line of T-shirts, hoodies and hats. If you want to be near shopping, there are many rental houses and rent to own options in the downtown area.
Parks, parks, parks! Wherever you are in Royal Oak, there's a park nearby. With over 45 parks for 11.83 square miles, Royal Oak offers residents plenty of green space. Two parks, Exchange and Meininger, have outdoor ice skating rinks.
Lively nightlife! Royal Oak Brewery, Goodnite Gracie, Luna and Mr. B's Pub are just a few of the bars and clubs located in the city. Ferndale, south of Royal Oak, offers additional options, such as The Emory and The Grasshopper Underground.
Artistic flair! Public art sculptures created by Michigan artists are visible throughout downtown Royal Oak. Galleries such as Habatat and Ariana showcase the work of artists and artisans.
Local flavor! The Royal Oak Farmers Market has been operating since 1927 and has served many generations of households. The Holiday Market, a destination for groceries and specialty foods on South Main Street, opened in 1954. Ray's Ice Cream, a Royal Oak classic since 1958, offers cones and ice cream cakes from a selection of over 40 flavors, including peach and Dutch chocolate almond. Gayle's Chocolates has sold handmade chocolates in downtown Royal Oak for 26 years; Just Baked is a newcomer selling cupcakes.
Valuable properties! The median home value in Royal Oak is $174,500, which is higher than the Michigan average. Royal Oak is a great city to put down roots, and rent to own houses give you a great opportunity to make yourself at home.
Live music! The Royal Oak Music Theatre books a variety of local and national acts that draw fans to its 1,700-capacity space. Iggy Pop and The White Stripes have played there. Every summer, the free Royal Oak Concert Series is held on the lawn outside the public library.
Strong ties! The homeowner vacancy rate in Royal Oak is 2%, so while there may not be as many homes for sale as in other cities, looking for rent to own homes will expand your options.
Get fit and make friends! The city offers adult and youth athletic leagues in a variety of sports like softball, basketball and soccer. The John Lindell Ice Arena is home to several hockey teams and figure skating clubs. You can make friends in the community while improving your physical fitness
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