With rent payments rising in many cities, people are looking for more affordable areas in Michigan, including Washtenaw County.
In the most affordable cities for renters, the median cost of rent is as low as 15% of the median income, compared to more than 33% in more expensive cities. This affords people who choose less expensive cities a financial advantage.
The money they save on rent could be used for an emergency fund or savings for future home ownership.
Chip Lupo is an analyst for the personal finance company WalletHub. He says people who want to live near Ann Arbor but can't afford it have other options available to them in Washtenaw County.
“Your best bet for the county is to maybe look outside Ann Arbor proper. For affordability, Ypsilanti right there at Eastern Michigan University campus area.”
Ann Arbor’s rent is high due to a number of factors, including demand driven by the University of Michigan.
Non-commercial, fact based reporting is made possible by your financial support. Make your donation to WEMU today to keep your community NPR station thriving.
Like 89.1 WEMU on Facebook and follow us on X (Twitter)
Contact WEMU News at 734.487.3363 or email us at studio@wemu.org
