The Canton Corner

If you’re thinking about where to live in Canton, Michigan, you might be asking yourself: “Should I rent or should I buy?” This is a big decision, especially with the way the housing market looks in 2025. Let’s break down the numbers, look at the pros and cons, and help you figure out what’s best for your wallet and your lifestyle.

Housing Costs in Canton, MI

Canton is a popular place to live, and that means both home prices and rent are on the higher side. In 2025, the average price for a single-family home in Canton is about $344,350. That’s considered high compared to the rest of Michigan and even the country. If you’re looking to rent, the average monthly cost for a one-bedroom apartment is around $1,372. Larger places cost even more: a two-bedroom is about $1,729 per month, and a three-bedroom is over $2,100.

Comparing the Costs: Renting vs. Buying

Upfront Costs

Renting is simpler when it comes to upfront costs. You usually just need a security deposit and your first month’s rent. Buying a home, on the other hand, means you’ll need a down payment (often 3-20% of the home price), plus closing costs and inspection fees.

Monthly Expenses

Renters pay a set amount each month, and that’s usually it-unless the landlord raises the rent when your lease is up. Homeowners with a fixed-rate mortgage can count on the same payment each month, but there are extras like property taxes, insurance, and repairs to think about. In Canton, about 71% of homeowners have a mortgage, while 29% own their homes outright.

Long-Term Investment

Buying a home is often seen as a good investment. Over time, you build equity, which means you own more and more of your home as you pay down the mortgage. If home prices go up, your investment grows. Renters don’t build equity, but they also don’t have to worry about home values dropping.

Flexibility

If you’re not sure how long you’ll stay in Canton, renting might make more sense. It’s easier to move when your lease is up. Buying is better if you plan to stay put for at least a few years. Experts suggest buying if you’ll be in the same place for more than two years.

Maintenance and Repairs

Renters can call the landlord when something breaks. Homeowners have to fix things themselves-and pay for it. This can be a surprise expense, so it’s important to budget for repairs if you buy a home.

What’s Happening in 2025?

The real estate market in 2025 is still changing. Home prices are high, and interest rates can go up or down. For buyers, it’s important to shop around for the best mortgage rate and understand all the costs involved. For renters, prices are also high, but you get more flexibility and fewer responsibilities.

Which Is Right for You?

• Renting might be better if:

  • You plan to move soon

  • You want fewer responsibilities

  • You don’t have enough saved for a down payment

• Buying might be better if:

  • You plan to stay in Canton for several years

  • You want to build equity

  • You’re ready for the responsibility of homeownership

No matter what you choose, it’s a good idea to talk to a mortgage expert who knows the Canton market.

Ready to Explore Homeownership? Contact National Mortgage Home Loans!

If you’re thinking about buying a home in Canton, National Mortgage Home Loans can help. With over 30 years of experience, they know how to find the right loan for your needs. They’re independent, so they can shop around to get you the best deal. Their team makes the process simple, from pre-approval to closing.

Contact Information

National Mortgage Home Loans
4107 John R Rd, Troy, Michigan 48085

Phone:

• (248) 864-2200
• (888) 473-4858
• (855) 864-7260

Website: www.nationalmortgagehomeloans.com

Take the next step toward your new home, reach out to National Mortgage Home Loans today and see how easy buying a home in Canton can be!

Sources: nationalmortgagehomeloans.com, investopedia.com
Header Image Source: Marcus Lenk on Unsplash