Rent to Own Homes in Auburn
The first settlers arrived in this area in 1836, and... Read More
The first settlers arrived in this area in 1836, and it grew rapidly throughout the 1840s and 1850s. East Alabama Male College (renamed Auburn University in 1960) was opened in 1859, and women were first admitted in 1892. The city all but emptied during the Civil War and struggled for the rest of the century. Growth was slow, but another population boom occurred in the 1950s and 1960s, slowed in the 1970s, but has been on the upswing now for nearly 40 years.The below results are primarily rent to own homes in Lee County, AL:
The first settlers arrived in this area in 1836, and... Read More
The first settlers arrived in this area in 1836, and it grew rapidly throughout the 1840s and 1850s. East Alabama Male College (renamed Auburn University in 1960) was opened in 1859, and women were first admitted in 1892. The city all but emptied during the Civil War and struggled for the rest of the century. Growth was slow, but another population boom occurred in the 1950s and 1960s, slowed in the 1970s, but has been on the upswing now for nearly 40 years.The below results are primarily rent to own homes in Lee County, AL:
Auburn is centrally located between several large cities: the state capital, Montgomery, is just a 55-mile drive down I-85; Birmingham is 110 miles to the northwest, and Atlanta is about the same distance away to the northeast.
Buying a Home in Auburn
The median home price in Auburn is about $208,000. But there is a wide diversity in homes and prices; while some neighborhoods average over $400,000 for a home, others average just $36,000. The median age is just 23.5, and only 34% of the population is married. Singles and young families fit in well in Auburn. Crime is exceptionally low; on a 100 scale, Auburn comes in at only 18. The national average is a significantly higher 41.4.
Throughout the 1980s and 1990s, Auburn’s schools were ranked among the top in the state and nation, resulting in a large influx of people. Some of the schools still carry a high rating – 8 or 9 out of 10 – but some are ranked as low as 1 or 2. Families with school-aged children should be aware of this so they can settle on a neighborhood with good schools.
Popular Neighborhoods in Auburn
The Lee Rd/US Route 29 neighborhood is a family-friendly area, with newer homes – many built since 2000 – and most owner occupied. The median price of a home is about $296,000, and the houses in this neighborhood hold their value well. Nearly 40% of the residents have a graduate degree. It’s a good choice for both executives and families with school-aged children.
North Auburn is made up of both owners and renters and features medium- to large-sized homes. Many of the homes were built after 1970. Median home price is about $238,000. It’s a good choice for those looking for an executive lifestyle, but also good for college students and active retirees.
Buying vs. Rent to Own Homes
Auburn may already be enticing you with its southern charm, college-town atmosphere, and mild climate. Buying a home, however, may be a bit beyond your reach. Many are taking advantage of rent-to-own options. A portion of each month’s rent goes toward a down payment to eventually buy the house. Even those without the means to get financing or make a large down payment can eventually become proud homeowners.
Summary
Auburn’s mild climate – with an average high of 55 in January and 90 in July – along with its variety of neighborhoods, growing economy, lively college-town atmosphere, and proximity to large cities such as Atlanta and Birmingham, make it an attractive choice for executives, urban sophisticates, students, singles, and families with school-aged children.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
Rent to Own Labs offers free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.
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