If you are looking for homes for rent in Washtenaw County MI, then you might be interested in rent-to-own properties, but you may want to narrow your search down somewhat. The Washtenaw County real estate market covers and area of some 723 square miles and includes many cities, townships and unincorporated communities. Here we look at what a few of the cities in the county have to offer.
The monthly payments on homes for rent in Washtenaw County MI vary greatly. As do the selling prices for homes in the Washtenaw County real estate market. For example, the median price of homes for sale in Ypsilanti is currently $189,000, but in Ann Arbor, the median price is nearly $100,000 more. Rentals have a similar range. Older ranch homes in Ypsilanti have rents as low as $850. But in Ann Arbor, you can only rent about a half a house for that price.
In Ann Arbor, largely because of the University of Michigan, average incomes are higher, crime rates are lower and property values for this part of the Washtenaw County real estate market reflect the relatively good economy in the city. The city of Ann Arbor has also limited expansion by purchasing large areas of land surrounding the city to be maintained as a “green belt”. This limited expansion has helped to maintain the property values in the area, although some residents are not particularly happy with the decision.
Even though Ypsilanti is just “down the road”, average incomes are lower, there is less economic diversity and property values for this part of the Washtenaw County real estate market are lower. In this area, you will find some of the less expensive properties for rent in Washtenaw County MI. But, Ypsilanti has much to offer in terms of historical, cultural and architecturally significance.
It has the second largest historic district in the state of Michigan, hosts numerous summer festivals and has many museums. Even the city’s water tower is architecturally significant. Designated as both an American Water Landmark and a Historic Civil Engineering Landmark, it bears more similarity to a lighthouse than a modern day water tower.
No matter which area of the county you choose, buying Washtenaw County real estate is a good investment. You may be looking for houses for rent in Washtenaw County MI because you think that you cannot afford a mortgage. However, some people get into home ownership by buying a home on a rent to own basis — also called a lease option.
You may be looking for houses for rent in Washtenaw County MI because you do not have a large downpayment. Rent-to-own properties or lease option agreements do require a few thousand dollars for an “option consideration”, but most landlords will charge a security deposit, pet deposit if applicable, application fee, and of course the first months rent, likely amounting to several thousand dollars.
You may be looking for rent in Washtenaw County MI because you have bruised or damaged credit. If so, you are not alone. One of the reasons that experts say the housing market is slow relates to credit ratings. Numerous foreclosures have caused lending institutions to require higher and higher credit scores in order to qualify for a mortgage, even though interest rates have gone lower and lower.
In order to buy a home on a rent to own, you still need reliable income of course. You need to be able to afford the monthly payments. You will need a few thousand dollars for a lease option consideration. But, your credit rating is not an issue, as long as you are willing to work to repair it.