Rent vs Buy in Detroit, MI (2025)
Under 15 = buy, 15–20 = neutral, over 20 = rent
Median Rent
$1,300
/month
Median Home Price
$200K
Price-to-Rent Ratio
13x
Breakeven Years
5 yrs
Mortgage Rate
6.65%
Property Tax Rate
2.1%
Buy
Buying in Detroit makes financial sense
With a price-to-rent ratio of 13x and breakeven at 5 years, buyers who stay 5+ years typically come out ahead.
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Detroit, MI — Rent vs Buy Calculator
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