Renting in Detroit costs about $1,245 a month, and the typical home is listed at $116,000. That puts the price-to-rent ratio at 7.8: a typical home costs as much as 7.8 years of rent.
Detroit now and in 2031
| Now | 2031 (projected) | |
|---|---|---|
| Typical asking rent | $1,245/mo | $1,260/mo |
| Typical list price | $116,000 | $153,000 |
| Price-to-rent ratio | 7.8 | — |
Rent is projected at +0.2% a year, the trend in RentCast's median rents for these ZIP codes since mid-2024. For home values: The first 2 years follow this year's change in list prices (+0.1%); later years use the Federal Housing Finance Agency's house price index average for these ZIP codes from 2020 to 2025 (+9.6% a year). These are trends carried forward, not predictions of the next market turn.
How to read the price-to-rent ratio
The ratio divides the typical list price by a year of typical rent. A higher ratio means buying is expensive relative to renting; a lower one means monthly rent is high compared with what a home costs. It's a quick way to compare cities, not a verdict for your situation.
By ZIP code
| ZIP | Median rent | Rental listings | Median list price | Sale listings |
|---|---|---|---|---|
| 48228 | $1,200/mo | 129 | $84,999 | 368 |
| 48235 | $1,300/mo | 93 | $128,900 | 299 |
| 48219 | $1,250/mo | 112 | $85,000 | 311 |
| 48212 | $985/mo | 36 | $149,900 | 188 |
| 48221 | $1,350/mo | 96 | $172,000 | 326 |
| 48227 | $1,227/mo | 103 | $99,000 | 388 |
What this doesn't account for
Mortgage rates, your down payment, property taxes, insurance, HOA fees, maintenance, and how long you'll stay decide more than any city-wide figure. These are area numbers built from active listings; they don't know the specific home or your finances.
Source: RentCast market data for 6 of Detroit's 27 ZIP codes (the most populous, home to 41% of residents in the city's ZIP codes, per the Census Bureau's ACS 2023). A ZIP counts only with at least 20 active listings. Retrieved October 14, 2026. Figures are listing-weighted averages of ZIP medians, not an appraisal. How Predictye calculates this.
Frequently asked questions
How much is rent in Detroit, MI?
Typical asking rent is $1,245 a month, across 569 active rental listings in 6 ZIP codes.
How much do homes cost in Detroit, MI?
The typical list price is $116,000, across 1,880 active sale listings in 6 ZIP codes. List prices are asking prices, not final sale prices.
What is the price-to-rent ratio in Detroit, MI?
About 7.8: the typical list price equals 7.8 years of typical rent. The higher the ratio, the more buying costs relative to renting.