Buying a Home Is The Less Expensive Option in Metro Detroit

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According to data from Realtor.com, it’s 14.1% cheaper to buy a home in metro Detroit than it is to rent. Other data suggests that it’s 17.1% less expensive. Detroit lands in 10th place on a list of places where buying a home is more affordable than renting one. The president of RE/MAX of Southeastern Michigan suggest that those numbers don’t consider the other costs associated with owning a home. Low rental inventory and high rental demand, low rental turnover, and low mortgage interest rates have contributed to the trend.