Rent vs Buy in Ann Arbor, MI
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Ann Arbor, MI
Price-to-rent ratio is 27.8 (under 15 favors buying, over 21 favors renting). Renting costs $1,607/mo; owning runs about $3,960/mo — $2,353/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $2,798 |
| Property tax | $492 |
| Home insurance | $224 |
| Maintenance | $447 |
| Total to own | $3,960 |
| Average 2BR rent | $1,607 |
Based on a median home value of $536,407 with a $107,281 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.