Rent to own Homes in Novi, MI
Housing choices: Novi is one of Michigan's fastest growing cities, earning the 48th spot on CNN's Best Places to Live in 2008. The median home value in Novi is $215,268, well above average for Michigan. Find apartments, rental homes, rent to own houses, condos and homes for sale while you still can in this highly walkable city with over 200 miles of pathways and sidewalks
Novi, MI is a great place for affordable rent-to-own homes! With a median household income of over $93,943 and a median rent of $1,352, the Novi, 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 Novi, 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 Novi, MI Property Resources
Rent to own Homes in Cities Near Novi, MI
- Allen Park
- Auburn Hills
- Barton Hills
- Belleville
- Berkley
- Bingham Farms
- Birmingham
- Bloomfield Hills
- Brighton
- Carleton
- Clarkston
- Clawson
- Commerce Township
- Dearborn
- Dearborn Heights
- Detroit
- Farmington
- Ferndale
- Flat Rock
- Franklin
- Garden City
- Hartland
- Hazel Park
- Highland
- Huntington Woods
- Keego Harbor
- Lake Angelus
- Lathrup Village
- Madison Heights
- Melvindale
- New Boston
- New Hudson
- Oak Park
- Orchard Lake Village
- Pleasant Ridge
- Pontiac
- Redford
- Riverview
- Rochester Hills
- Southfield
- Southgate
- Sylvan Lake
- Taylor
- Trenton
- Troy
- Walled Lake
- West Bloomfield
- Willis
- Woodhaven
- Wyandotte
Neighborhoods in Novi, MI
No neighborhoods foundPopular Zip Codes in Novi, MI
48374 rent to own homes 48377 rent to own homes 48375 rent to own homesBuying a Home in Novi, MI
Novi, MI is seeing rapid growth and Novi, MI's' housing market remains not optimal with an average home price that is 50% above the 2024 national average. Novi, 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 Novi, MI
Median Rent in Novi, MI
11 Reasons to Live in Novi, MI
.
Transportation hub: I-96, I-696 and I-275 pass through the city, providing easy access to the entire Detroit metropolitan area. The average commute time for Novi residents is 26.4 minutes, and the median household income in Novi is $71,918, which is significantly higher than the state average, which makes is an ideal place for commuters and those who work in town. Novi is located roughly halfway between Detroit and Ann Arbor. Local attractions in Novi include Guernsey Farms, a working dairy with a restaurant and ice cream shop, and the Motorsports Hall of Fame of America.
Parks and recreation for all seasons: The city of Novi has over ten parks for residents to enjoy. The Novi Ice Arena offers skating lessons as well as youth and adult hockey leagues. Maybury State Park, located just south of Novi, has biking, running and cross-country skiing trails. The Parks and Recreation Department also includes the Novi Civic Theatre, which stages productions each season for the community.
Your choice of lakes: In the summer, swimming, canoeing and boating at Walled Lake or the nearby Island Lake Recreation area are popular weekend activities.
Restaurants for all occasions: If you love dining out, Novi has options to satisfy every appetite. There's casual dining at Leo's Coney Island and modern Chinese at China Cafe. If you want to have a special night out, make a reservation at the Novi Chophouse, which serves USDA Prime steaks.
Nightlife options: Novi has a number of bars, ranging from comfortable to sleek. Watch the game at Library Sports Pub, dance at 29 Park or bowl at Lucky Strike Lanes (which becomes 21 and over after 9 p.m.)
Calling all bookworms: Open seven days a week, the Novi Public Library was named Library of the Year by the Library of Michigan. If you prefer to own your books, the Read It Again bookstore carries used and rare books.
Shop until you drop: Novi has a number of malls and shopping centers, such as Main Street, Novi Town Center, Twelve Oaks Mall and West Oaks. Local businesses and national chains are also well represented in the city.
It means business: Novi is home to over 1,600 businesses, ranging from small (Novi Energy) to large (Kroger). Many companies linked to the auto industry are headquartered here. Novi's proximity to Detroit Metropolitan Wayne County Airport and its many chain and independent hotels make it a popular choice for companies and employees alike. You'll find it easy to locate rent to own homes in the city.
Room for growth: The population of Novi has grown 16.5% in the last ten years, and the residential vacancy rate is 5%, demonstrating that Novi is a highly livable city. You'll find appealing homes near the major corridors of 12 Mile Road and Novi Road.
You'll love the people: Novi has a diverse population, attracted to the city by the quality of neighborhood life in areas like Beck Road and the prospect of rent to own properties. Property values in Novi are high, and the Oakland County Equalization Department is calling for property values in Novi to increase 8.62% in 2014.