Investing in Michigan
If you're looking for a great place to invest in rental properties, Michigan can be a great option! The state is home to a large population (#10 in the US) and a decent population of renters (~30%). To help you better decide where to buy rental units, the Nophin team crunched the numbers and found five great places to invest in Michigan rental properties.
Statewide vacancy rates
Ann Arbor, MI
Ann Arbor is home to the University of Michigan and has a thriving economy and a low crime rate.
- Population: 123,851
- Median household income: $69,456
- Median 1-bedroom monthly rent: $1,499
- Median listing home price: $498,500
Detroit is known as "The Motor City" and the location where Henry Ford first implemented the Assembly Line. Many car companies including General Motors, Fiat Chrysler, and Ford Motors started in Detroit.
- Population: 639,111
- Median household income: $32,498
- Median 1-bedroom monthly rent: $1,053
- Median listing home price: $80,500
Grand Rapids, MI
Grand Rapids is the second largest city in Michigan and is crowned as the best Beer Town in the US (via USA Today).
- Population: 198,917
- Median household income: $51,333
- Median 1-bedroom monthly rent: $1,329
- Median listing home price: $250,000
Lansing is the capital of Michigan and boasts a diverse culture, rich history, and expansive art scene.
- Population: 112,644
- Median household income: $44,233
- Median 1-bedroom monthly rent: $750
- Median listing home price: $129,900
Warren, a city in Southeastern Michigan, is Detroit's largest suburb. Warren can be a good place to invest given its relatively low cost of living.
- Population: 139,387
- Median household income: $51,796
- Median 1-bedroom monthly rent: $883
- Median listing home price: $179,900
Nophin is landlord banking and software for rental properties
With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!
To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.