Rent vs. Owning in MI

Homeownership Rate in Michigan:

As of 2023, approximately 74.1% of households in Michigan own their home, meaning about 3 in 4 households are owner-occupied. This rate is notably higher than the national average of about 66% Trading Economics+15USAFacts+15Investopedia+15.

In the Detroit metro area, homeownership is around 72–73%, while the city of Detroit itself has reached 54% owner-occupied homes—marking a return to majority ownership status as of 2023 rpoaonline.org+2Axios+2Reddit+2.

Rent vs. Own in Michigan:  Fredwood households in Michigan reports a median monthly rent of approximately $1,050, which amounts to about 31.7% of their income—placing many renters in the "cost-burdened" category per HUD standards Manistee News Advocate+3USAFacts+3USAFacts+3.

Despite share rises, renters are still the minority in the state—and cost burdens remain a real issue for half of tenant households Urban Institute+10sph.umich.edu+10Manistee News Advocate+10.

Key Trends & Gaps:

• Michigan has one of the highest homeownership rates in the nation—hovering around 73–74% Trading Economics+7RealEstateNews.com+7rpoaonline.org+7.
• There’s a significant racial disparity: approximately 79% of white households own homes, compared to just 48% of Black households, reflecting a 31 percentage point gap sph.umich.edu.
• Michigan renters increasingly feel the pressure—because of steep rent hikes (12.5% growth through 2023), nearly 51% are cost-burdened, meaning they pay over 30% of their income on housing Reddit+8Reddit+8Manistee News Advocate+8.

Summary for Michigan:

• About 74% homeownership rate—well above the national average.
• Owner-occupied homes dominate—but rent burdens are common among renters.
• Detroit metro: Majority owner-occupied (~54%), highlighting regional recovery momentum.
• Racial equity gap in ownership persists—nearly a one-third difference between Black and white ownership rates.
• Many renters face housing cost burdens due to rapid rent increases.