Rent to own Homes in Hazel Park, MI
With a self-given nickname of "The Friendly City," Hazel Park has a big reputation to live up to. The area of Hazel Park was occupied by farmers until 1883, when they constructed a school and began expanding the community around that. From 1920 until the city was incorporated in 1941, the area was a bustling hub of activity and growth. This 2.8 square mile city sits in Oakland County, Michigan, and is called home by approximately 16,500 residents.
Hazel Park, MI is a great place for affordable rent-to-own homes! With a median household income of over $43,725 and a median rent of $957, the Hazel Park, MI rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Hazel Park, MI. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Hazel Park, MI Property Resources
Rent to own Homes in Cities Near Hazel Park, MI
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Neighborhoods in Hazel Park, MI
Downtown Hazel Park rent to own homesPopular Zip Codes in Hazel Park, MI
48030 rent to own homesBuying a Home in Hazel Park, MI
Hazel Park, MI is seeing rapid growth and Hazel Park, MI's' housing market remains optimal with an average home price that is -60% below the 2024 national average. Hazel Park, MI is part of Oakland county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Oakland is 1.75% which is above the national average, which is 0.99%.
Median Home Price in Hazel Park, MI
Median Rent in Hazel Park, MI
Top 5 Reasons to Live in Hazel Park, Michigan
Great Parks and Recreation Department! Hazel Park has several public parks for residents to enjoy. If you are looking for a pavilion to rent, either Green Acres or Scout Park are both great local options. Should you wish to organize an event, you can also look at renting out the city's Community Center.
Low real estate prices! The average price of homes for sale in Hazel Park is competitive with some of the lowest in the country, resting around $105,000. This is especially significant because the size of homes in the area is typically larger than what you would expect for the money you pay. The selection in this area is also somewhat limited, but there are rent to own homes offered should you wish to go that route. Though the city is not really divided into neighborhoods, the lowest prices are usually around City Center. Alternatively, larger homes are situated to the southeast along Dequindre Road.
Available apartments! Those looking to rent will find there are plenty of options. The local Hazelcrest Apartments is actually the tallest building in the community and has plenty of vacancies available. More importantly, the average cost of a rental is only about $850, which is below the national average. Those looking to get some of the lowest rates can turn to the Maple Grove Apartment complex.
Hazel Park Raceway! The Hazel Park Raceway attracts residents and tourists alike to watch some exciting horse races. In addition to simply holding races, Hazel Park also offers events such as Dollar Night and specialized Holiday Banquets. The Raceway is only a short walk from the popular Karam Park.
A growing economy! Perhaps the best reason to move now is to take advantage of the local economy while you can. Hazel Park's Central Business District is booming, and Nine Mile Road is growing to include all variety of businesses.