Renting or Buying a Home in Detroit: Which Makes the Most Sense in Today’s Economy?

National Financial Literacy Month just ended, but it’s an excellent time for people thinking about moving to weigh whether it’s more financially prudent to buy or rent in Detroit. & According to most real estate industry professionals, the question to buy or rent is not a one-size-fits-all answer, and making the right decision will involve numerous factors, such as evaluating of one’s employment and financial stability, credit score, lifestyle preference, and long-term goals. & & “The benefit of buying is that you are basically locking in, to a certain degree, your monthly housing costs in an environment where rent is constantly going up,” Austin Black II, an associate broker at City Living Detroit/Christie’s International Real Estate, told the Michigan Chronicle.& “In terms of renting versus buying, I see renting as a benefit for someone who views their living situation as more short-term, like a couple of years or so.& However, my goal is to work with clients to make sure that they make the right choices.” Renting typically involves paying a lower initial cost of a security deposit and the first month’s rent, possibly paying both the first and last. & Other benefits to renting are that maintenance costs and...