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Rent or Buy: Detroit Edition

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We're wrapping up Rookie Roosts 2012 and what better way to do it than involve our readers in a little game of Rent or Buy. One, an apartment, the other, a loft. Both are in Midtown and only a couple blocks from each other. The rent vs. estimated mortgage is virtually the same. So what do you do, dear reader? What do you do?

To Buy: We've featured this loft before but at an estimated $523/month mortgage and it being around the corner from the apartment option, we figure it's perfect for our debate. Here you have a studio loft for sale at $89,000 with a balcony, dedicated gated parking, washer, dryer, dishwasher, and hardwood floors. You could probably spit on Motor City Brewing Works from your balcony. Not that we think they need spitting on, it's more of a visualization trick, you see. We love beer!

· 460 W. Canfield [Trulia]

To rent: Next up is this charming apartment at 4622 2nd Avenue. Located conveniently between Wayne State and the Bronx Bar, this one bedroom is in the WSU, CCS, and DMC vortex that has spawned the Live Midtown initiative. At $600 a month AND heat, cooking gas, and water included, we're just about ready to move in ourselves! It's even got onsite laundry. Maybe we shouldn't post this...

· 4622 2nd Avenue Apt. 3 [Zillow]

So there you have it. Nearly identical monthly payments in the same neighborhood. What do you do, readers? Do you buy the loft or rent the apartment? Let us know in the comments below!

Canfield Lofts

460 W Canfield St., Detroit, MI