Good news! Michigan has 3 areas rated in Trulia's report of what top 10 cities it is better to buy rather than rent. Grand Rapids is #8, Detroit is number 1 and Farmington Hills, Troy, Warren is number 6. As you read on, the information is based upon higher interest rates of 4.8%. Current rates for a 30 year fixed mortgage is 4.32% and on the decline, making housing even more affordable!