Rent-to-Own Homes in Ann Arbor, MI: What You Need to Know
Ann Arbor, Michigan has long been considered one of the best, if not the best, place to live in the United States. The city, affectionately known as “Tree Town,” is brimming with culture and intellectualism. The city is practically built around the University of Michigan, which has aided in the structuring the local economy. Ann Arbor is an artsy and driven town that has been attracting Millennials.
Housing Availability in Ann Arbor
The median home price of a house in Ann Arbor, Michigan is $427,200. The most common house styles here are Tudor, Victorian, Greek Revival, and Queen Anne homes. Just over half, 55%, rent their homes here, whereas only 45% own. The average rent for an Ann Arbor apartment is $1,580, and the average size of an apartment here is 882 square feet. One-bedrooms tend to cost around $1,390 per month, while two-bedrooms are $1,654.
Local Job Opportunities
The University of Michigan employs roughly 10% of the Ann Arbor workforce. The other major sectors here are manufacturing, health care, automotive, information technology, and biomedical research fields. The median income of an Ann Arbor resident is $64k. As of March 2020, Ann Arbor had an unemployment rate of only 2.3%.
Schools and Education
Ann Arbor has 37 public schools, and this district is highly regarded for its academic achievements. There is a total of 33 private schools located inside the city. The city is home to the University of Michigan, a renowned and competitive college.
The Local Population
121,000 people have made Ann Arbor their home. The median age of these residents is about 28 years old. Nearly 93% of this massive population is considered white collar. The average number of people per household is 2. 19% of households have children under the age of 18. 71% of the population is Caucasian, 17.3% if Asian, and 6.54% is African American.
Ann Arbor’s Vibrant Culture
Ann Arbor is a city that values the arts and culture. Bibliophile culture is alive and well here; Ann Arbor proudly boasts the highest number of books sold per capita. Foodies will also thrive in Ann Arbor, as restaurants tend to stick around for decades. Knight’s Steakhouse is a classic steakhouse with a historic charm that can only be achieved from having been around since the 50s. Miss Kim is a family-style Korean restaurant rooted in tradition but reworked to fit a modern-day Michigan.