Rent vs Buy in Detroit, MI
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Detroit, MI
Price-to-rent ratio is 4.6 (under 15 favors buying, over 21 favors renting). Renting costs $1,378/mo; owning runs about $564/mo — $814/mo less to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $399 |
| Property tax | $70 |
| Home insurance | $32 |
| Maintenance | $64 |
| Total to own | $564 |
| Average 2BR rent | $1,378 |
Based on a median home value of $76,466 with a $15,293 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.