Detroit, MI
Should you rent or buy in the Detroit area? Where a new study says it's better to rent or buy
DETROIT (FOX 2) – Is it better to rent or buy a home? That’s a question that’s plaguing many people in their 20s and 30s today. When it comes to buying versus renting a home, buying has long been considered the American dream and the superior option.
But what may be true in some places – isn’t true everywhere. A new study aims to identify whether it’s actually cheaper to rent or buy in the most populous U.S. metros.
The study, conducted by Clever, retrieved data from the U.S. Census Bureau, the Federal Reserve, along with housing and business companies, to identify the best option based on a price-to-rent ratio.
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The price-to-rent ratio was calculated by dividing the median home price by the median annual rent.
So where does Detroit rank? Well – let’s say you’re going to want to have your downpayment ready. The Detroit Metro is one of the ten places in the country where it’s better to buy than rent.
Top cities for buying a home, renting
Best cities for buying a home
Although affordable housing markets do still exist, the study found that they are few and far between. This is the challenge that potential home buyers face.
Clever, a real estate analytics company, found that it is cheaper to buy a home in only 18 of the 50 most populous metros, based on the price-to-rent ratio.
Cleveland was revealed as the best city for those looking to buy a home. Not only did Cleveland have the lowest price-to-rent ratio, it also has the lowest home prices among all 50 cities studied, with the median home costing $187,413.
That’s not the only Rust Belt city in the top half of the most affordable places to buy. The region was once a profitable manufacturing hub, but when the U.S. economy shifted to service-oriented industries and the factories closed, the population dwindled, contributing to a surplus of homes and, therefore, lower prices, according to Clever.
Detroit is included in this list and the metro was listed as the 7th best city for buyers.
Many of the remaining cities that were best for buying were found in the South, where there’s plenty of land for development and less stringent building regulations that make it cheaper and easier to build new homes — contributing to lower housing costs.
Surprisingly, few home buyers would likely say that purchasing a home in New York is affordable, with the median home costing $579,177. But given that the average rent is $3,330 a month — the second-highest amount among all cities studied — the study found that residents are actually better off splurging on a mortgage than paying rent.
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The six percent commission for relators when it comes to buying or selling a home is no more. The National Association of Relators announced a settlement that in essence, eliminates the rules on commissions. Local relator, Christina Gennari, explains what this could mean for buyers, sellers and relators. To connect with Christina, visit christinagennari.com.
Top 10 cities for buying
- Cleveland, Ohio
- Pittsburgh, Pennsylvania
- Chicago, Illinois
- New Orleans, Louisiana
- Memphis, Tennessee
- Birmingham, Alabama
- Detroit, Michigan
- St. Louis, Missouri
- Cincinnati, Ohio
- Indianapolis, Indiana
Best cities for renting
Renting is typically cheaper than buying across most of the U.S., but it is much better to rent in nine of the 50 largest U.S. metros, according to the price-to-rent ratio.
According to the study, Americans are much better off renting in major cities in the West, where high construction costs, confined building space, and the emergence of high-paying industries has led to a significant increase in home values.
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One of the most expensive cities was San Jose, which had the highest price-to-rent ratio. With a typical home costing more than $1.5 million, most residents don’t have any choice but to rent.
Despite this, San Jose rent prices are still extremely high, and were the highest among all 50 cities studied.
Of the cities with a high price-to-rent ratio, Salt Lake City had the lowest rent prices. Renters could expect to pay $1,710 a month — about half of what they’d pay in San Jose.
Top 10 cities for renting
- San Jose, California
- San Francisco, California
- Los Angeles, California
- Seattle, Washington
- Salt Lake City, Utah
- San Diego, California
- Portland, Oregon
- Denver, Colorado
- Austin, Texas
- Sacramento, California
Housing prices continue to increase over time
Across the country, the average home price has increased 39% more than the average rent price over the past five years and 72% faster in the past year, according to the study.
Nationally, renters save $289 more than homeowners each month, Clever found.
The price-to-rent ratio peaked in 2021, when rent prices continued to rise while home values ground to a halt as mortgage rates went up. The current ratio has dipped, but that’s still up from 2019.
According to new research, younger adults between the age of 22 and 35 spend an average of $25,620 per year as a renter.
But, in more than 200 U.S. cities, the typical starter home comes with a price tag of $1 million or more, according to a new analysis by Zillow.
Here’s how much long-term renters spend on average, and most affordable states for renters
And while buyers and sellers are both waiting for interest rates to fall, Realtor.com senior economist Ralph McLaughlin said affordability will still be an issue in the long run.
In the near term, lower borrowing rates will make housing more affordable over a three- to six-month period, McLaughlin said. But eventually, they will “manifest themselves into price growth and offset the decrease in mortgage payments.”
This means When borrowing rates come down, buyers have more money that they can borrow. In other words, they have more purchasing power.
“They can actually pay more for a home than they otherwise would,” McLaughlin said, adding that “when they go to bid on a house… they can bid up to price more than when mortgage rates were higher.”
Bottom line: As the price-to-rent ratio increases, Americans are still, overall, better off renting instead of buying a home — putting the American dream of homeownership further out of reach.
DETROIT – The sound and speed of the Detroit Grand Prix return to city streets in three weeks.
“Racing is in our blood. It’s in our DNA,” event chairman Bud Denker said.
Entering its fourth year downtown, the race hosts the NTT IndyCar Series and IMSA WeatherTech SportsCar Championship from May 29 through May 31.
“We’re not here once every 15 or 20 years like the Super Bowl or the Draft or Final Four,” Denker continued. “This event happens in our city every single year. You can plan on it.”
Racing up Franklin Street and down Jefferson Avenue, drivers can always count on a challenge from the nine-turn, 1.7-mile circuit.
“One little error and you’re going to hit a wall and end your day,” five-time Belle Isle winner and Cadillac Wayne Taylor Racing sports car driver Jordan Taylor said. “It takes a lot of risk. It takes a lot of commitment. The car has to be fast. This is one of those events where you need everything to go right.”
The Chevrolet Detroit Grand Prix presented by Lear took the green flag for the first time in 1982 as a Formula One event, transitioning to IndyCar/CART in 1989.
Through layout and location changes, the event continues to reflect the city’s culture.
“Energy, warmth, and sense of togetherness make the Detroit Grand Prix special,” Reden Le said. A student at the College for Creative Studies, Le designed the poster for this year’s race. “Working on this poster made me actually see how the community in Detroit is so diverse and so fun.”
The fun includes concerts, festivities, and promotions adjacent to the track throughout race week, along with documented economic and charitable impacts.
“We love racing for all those reasons,” General Motors Vice President of Performance and Motorsports Jim Campbell said. “Certainly, to have a race in our hometown means a lot, and it’s also a great way to give back.”
Approximately 1,350 volunteers sign up with the Detroit Grand Prix Association each year, but community assistance goes both ways.
“We put thousands of people to work,” Denker added. “We bring 100 million dollars to the city every year, and we show off these kids.”
Members of the Boys & Girls Clubs of Greater Detroit created seven murals adorning the wall to the right side of the pit lane exit.
Serving as a clear reminder of the community that makes this race what it is, they’re also tough for drivers to see at speeds in excess of 180 miles per hour.
“We’re one of only 20 cities in the world that have a downtown street course event,” Denker said. “We should never take that for granted.”
The track build has already begun, with most construction occurring at night to avoid disrupting traffic.
Friday, May 29, is Fifth Third Free Prix Day, welcoming fans to grandstands one and nine with no ticket required.
Reserved seats for all three days are on sale now.
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The Detroit People Mover is back up and running after being closed for the past two months for repairs following storm damage.
According to the Detroit Transportation Corporation, the People Mover reopened to the public at 6:30 a.m. on Wednesday.
High winds on March 13 forced the People Mover to undergo a series of repairs, including undercarriage sheet metal removal, track cable communications and switch mechanisms.
Over the last 16 days, People Mover cars have been out for tests ahead of the reopening.
“Rider safety is always at the heart of what we do, and it is our responsibility as a public transit provider,” DTE CEO Melia Howard said in a statement. “The time was a necessary requirement to restore key, operational components and is an investment in the continued reliability of the system. We take pride in the role that the People Mover plays for residents, workers and visitors, and we look forward to being the go-to public transportation for both daily rides and special events which bring everyone together.”
Scott Harris introduces Framber Valdez to Detroit Tigers after signing
President of baseball operations Scott Harris introduced left-hander Framber Valdez to the Detroit Tigers on Feb. 11, 2026, in Lakeland, Florida.
Detroit Tigers left-hander Framber Valdez was ejected from his start Tuesday, May 5, against the Boston Red Sox before recording an out in the fourth inning.
The 32-year-old was ejected by third-base umpire and crew chief Dan Iassogna for hitting Red Sox shortstop Trevor Story with a first-pitch 94.4 mph four-seam fastball – immediately after giving up back-to-back home runs.
The hit-by-pitch appeared to be intentional, especially because the pitch registered as the only four-seam fastball that Valdez has thrown in the 2026 season.
The Red Sox scored 10 runs off Valdez, including two in the fourth inning on home runs from Willson Contreras and Wilyer Abreu, both with bat flips. That’s when Valdez hit Story, who absorbed the pitch with his back.
Players and coaches from both teams’ benches and bullpens poured onto the field at Comerica Park.
Valdez stood near the mound during the skirmish, all while his teammates and coaches exchanged words with players and coaches from the Red Sox.
There was no brawl.
Before benches and bullpens cleared, Story stared down Valdez from near home plate, and Valdez took several steps in front of the pitching mound.
The two never came close to a fight.
Afterward, the umpires gathered, discussed what had happened and ejected Valdez. He didn’t protest the ejection, simply walking off the mound and into the clubhouse.
Both teams were warned not to retaliate.
Valdez – a two-time All-Star in his nine-year MLB career – allowed 10 runs (seven earned runs) on nine hits and one walk with three strikeouts across three-plus innings, throwing 45 of 60 pitches for strikes.
He generated six misses on 34 swings for a below-average 17.6% whiff rate, while the Red Sox averaged an above-average 93.3 mph exit velocity on 16 balls in play.
Valdez has a 4.57 ERA in eight starts.
The Tigers – led by president of baseball operations Scott Harris – signed Valdez in early February to a lucrative contract that will be worth three years, $115 million if he exercises his player option for the third season.
The deal set the MLB record for the highest average annual value guaranteed to a left-handed pitcher, at $38.3 million.
So far, the results have been disappointing.
The hit-by-pitch in Tuesday’s meltdown didn’t help.
Contact Evan Petzold at epetzold@freepress.com or follow him @EvanPetzold.
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