Rent to Own Homes in Allentown
The below results are primarily rent to own homes in Lehigh County, PA:
Allentown is located in eastern Pennsylvania, approximately 62 miles north of Philadelphia and 93 miles west of New York City. The Allentown Queen City Municipal Airport is located off the southern edge of the city while residents have access to the popular Lehigh Valley Mall on the opposite side of the Lehigh Valley Thruway. With many small parks located throughout the city and recreational areas like South Mountain Big Rock Park nearby, this is an area of the northern United States known for outdoor adventure as well as boutique shopping and entertainment.
Some of the main attractions of the city include Dorney Park & Wildwater Kingdom, Coca-Cola Park and Allentown Symphony Hall. Residents and visitors also have access to a variety of museums, including America on Wheels and the Liberty Bell Museum. The Allentown Art Museum and Nineteenth Street Theater are also available for those interested in the arts.
For home buyers ready to secure their next home in Allentown, the community involvement programs sponsored by the city are worth an investment of time. The Neighborhoods & Community Engagement Program offers a variety of public events and meetings to help smaller communities capitalize from the skills and talents of local residents. From awarding young residents for good behavior to offering leadership and organizational training, Allentown is fully invested in creating safer and stronger neighborhoods.
Buying a Home in Allentown
Depending on the neighborhood and size, homes in Allentown can sell for less than $100,000 or well over $300,000. The median listing price for the city is under $150,000, and most homes are priced below the $200,000 mark. Since there are more than 15 elementary schools serving the city as well as multiple middle and high schools, it’s important to consider which school district your children will attend before buying a new home. Kratzer School is the most popular elementary school in the city, but Cetronia School is another strong performer when it comes to academics.
Popular Neighborhoods in Allentown
The best neighborhoods in Allentown are positioned along the outer edges of the city. The Farmington community is located just west of Fountain Hill and offers affordable home prices under $200,000. The Overlook Springs area is a little more to the south and offers homes with similar prices. This is a great community if you enjoy outdoor recreation because it includes the Robert Rodale Reserve and South Mountain Big Rock Park.
Buying vs. Rent to Own Homes
If you’re not quite ready to put your down payment on the table and apply for a traditional home loan, consider looking for rent-to-own properties in Allentown. This is a unique sales contract that allows you to rent a home for a designated period of time with the understanding that you can purchase the home before the end of your contract. In many cases, you can even use part of your rental fees as a portion of your future down payment, and you may not have to pay for upkeep on the property until you officially make it your own.
Cost of Living in Allentown
Allentown is one of the more affordable places to live in the northeastern United States. The overall cost of living is slightly higher than the national average, but the cost of housing is approximately 15 percent lower than the national average. While you may pay more for some goods and services, you can purchase a larger or more luxurious home without breaking your budget.
Allentown, Pennsylvania, is within two hours of New York City without traffic, but it offers a quieter living environment with a more relaxed culture. With a variety of entertainment venues and small parks dotted throughout the city, it’s no wonder that this is a preferred town for many Pennsylvania residents. The average cost of living is comparable to the national average, but you’ll pay substantially less for a home in this city.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
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