Detroit, MI Homes For Rent

Homes for Rent in Detroit, MI: What You Need to Know

Detroit, fondly called Motor City, is rich in culture and innovation. It’s the birthplace of the automotive industry and the widely popular Motown brand of soul music.

A Thriving Job Market

The Big Three – General Motors, Ford Motor Co., and DaimlerChrysler Corp. – are based in Detroit. Car manufacturing remains the most important industry in the local economy. Detroit and surrounding counties employ about 590,000 people in skilled trades jobs with more than 123,000 in auto manufacturing. Outside of the car industry, companies based in the Detroit region belong to health care, defense, and information technology sectors.

The Major Leagues

If you love sports, you’ll feel at home in Detroit, which has a team in every major league: Tigers (MLB), Lions (NFL), Pistons (NBA), and Red Wings (NHL). These teams are among the very best in the country, winning 22 championships combined. 

The Cost of Living in Detroit

Detroit is a large city (population: 670,031) that’s relatively inexpensive. Its cost of living is 2.1% lower than the national average. Likewise, food and housing costs are 13% and 6.8% lower than the national average respectively. Median gross rent is $798 while the median rent for a two-bedroom apartment is $1,139. 

The state collects a flat income tax rate of 4.25%, but some cities charge an additional rate. Michigan’s 6% sales tax rate is considered low for the region.

Know Your Neighborhoods

Downtown Detroit offers affordable options for renters and buyers alike, from studio apartments and lofts to condos and row houses. Living downtown means being close to the venues where the Tigers, Lions, and Red Wings play their home games. If you want to be close to downtown without living there, Corktown and Midtown neighborhoods are closest. If you don’t mind commuting, the suburban communities of Franklin and Beverly Hills are popular for their great schools and easy access to Detroit. Grosse Pointe Park is even closer to Detroit, but it can be an expensive place to live in. 

A Rich Musical Heritage 

Detroit’s musical heritage helped redefine American music. It all began when Berry Gordy, an African American songwriter, established Motown Records Corp. in 1959. Gordy’s company created distinct music with a global appeal and produced some of the greatest pop hits of all time from legendary stars such as Smokey Robinson & the Miracles, Michael Jackson & the Jackson 5, and Diana Ross & the Supremes. Today Motown Records is part of the Universal Music Group.