Rent vs. Buy Calculator for Michigan
Compare the real cost of renting versus buying in Michigan over the years you plan to stay — accounting for property taxes, maintenance, appreciation, and selling costs.
Buying cost nets out equity and 3.50%/yr appreciation, minus ~8.6% selling costs. Assumes a 30-yr loan and ~1%/yr maintenance.
It comes down to how long you stay
Buying carries large upfront costs (down payment and ~3% closing) and a ~8.6% hit when you sell (commission plus Michigan's 0.86% transfer tax). The longer you stay, the more equity and appreciation offset those costs. This tool finds whether buying or renting comes out ahead over your chosen horizon.
Assumptions
We assume a 30-year loan, about 1% of value per year in maintenance, an insurance estimate of ~0.5% of value, and county-specific property taxes. Adjust the inputs to match your situation.
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Disclaimer: Michigan Home Calcs provides estimates for planning only. Property tax rates, insurance, and fees vary by city, lender, and property. This is not financial, tax, or legal advice.