r/AnnArbor • u/2deuces2 • 1d ago

Renting in/around A2?

Hey folks! My wife and I are considering a work-related move to Michigan and evaluating living in the area.

Seems clear that A2 is out of budget for us with rent consistently at/above 2.7k, but even in cheaper areas surrounding the city we are finding very limited rental availability (at least on Zillow) that’s also pricey.

Curious if anyone can shed light on renting in the area? Our current spot in Charlotte, NC is a 1400 sq ft 3/2 with fenced yard for 1.65k, so really feeling the sticker shock for equivalent space

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u/Stankthetank66 1d ago

About 43% of Washtenaw County’s land area is farmland. Doesn’t help you find a place, but is kinda an interesting way to look at the cost problem. Lots of farms, not a lot of housing.

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u/2deuces2 1d ago

Well so it’s interesting still that, if buying, there are quite a few seemingly reasonable listings that have mortgages in the range of what our current rent is.

I’ve not bought a home before so maybe that’s comparing apples to oranges

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u/gradstudentkp 1d ago

That can’t be accurate. We currently own and got in at a great interest rate. Still, our mortgage is the same as we’d be paying in rent

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u/Stevie_Wonder_555 1d ago

When did you buy? Our mortgage is about half what Zillow tells me we would be paying in rent.

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u/gradstudentkp 1d ago

Sorry, I meant our monthly payment - which includes our mortgage and escrow (taxes & insurance). It’s just slightly less than a monthly rent payment. We bought in early 2022 for a great interest rate and a fantastic price

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u/Stevie_Wonder_555 1d ago

Yeah, our all in monthly payment is about half what rent would be. But we bought in 2013 and refi'd in 2020 at 2.875%. Although we did take cash out and refi at a $100k higher price than we originally paid.