Rent to Own Homes in Bay City
Bay City’s geographic makeup is interesting, one of the most unique in the state and region; The Saginaw River divides the city between western and eastern halves where 4 modern drawbridges – the Liberty Bridge, Veterans Memorial Bridge, Independence Bridge, and Lafayette Avenue Bridge – connect the two sides of the city. Although its population has decreased over the past several decades, Bay City is resurging as desirable place to live in the state of Michigan.
Buying a Home in Bay City?
Around 14,000 households make up this small city with a median home value of $56,100, significantly lower than the $128,500 Michigan average and the $192,500 national average. While there has been a 4.3% decline of home values in Bay City over the past year, Zillow predicts they will rise 0.8% within the next year, in keeping with the general growth of home values across the country.
Popular Neighborhoods in Bay City?
Located in the south-eastern corner of the city, Munger is a neighborhood in Bay City with a median real estate price of $103,964 and an average rental price of $926, both significantly lower than Michigan and national averages. Real estate vacancies are 6.3%, lower than what one will find in most places throughout the U.S. More than 98% of residents in this neighborhood own their homes, one of the highest rates in the state.
Slightly higher in real estate price and rental costs is the neighboring Saginaw Valley State U / Glen Eagle Drive neighborhood. The vacancy rate here is higher - 13.8% - signaling the decreasing population over the years. Noted as a top neighborhood for retirees, most of the population is older and college educated. Peaceful, quiet, with virtually no crime and various housing options to choose from, it is a desirable neighborhood for the aspiring homebuyer.
The northernmost neighborhood, Killarney Beach/Lagoon Beach, has a real estate price of $109,701. Its median rental price of $1,273 is one of the highest in the city and in most of the state. While multiple housing options throughout the city given the vacancies that exist, in this coastal neighborhood home to the Tobico Lagoon and large Bay City State Recreation Area more than 98% of the homes are single-family.
Given the Sagniaw River’s prominent location in center of the city, many of Bay City’s festivals and celebrations such as the St. Stan’s Polish Festival, the Bay City Fireworks Festival, and the River of Time living history reenactment take place along of its banks during the summer months. Wenonah Park and the Veterans Memorial Park are also notable destinations in the city, as is the Bay County Historical Museum near the historic City Hall.
Buying vs. Rent to Own Homes in Bay City?
Many homebuying options exist in Bay City. The most numerous are single-family style homes. Suburban, rural, waterfront—given Bay City’s unique location in and around bodies of water, homes can be purchased in various environments as is the case for most of the state. Prices are definitely below the national average, making for an affordable transition into homeownership in one of the country’s most boat-friendly, sparsely populated, and natural resource-abundant states.
While the more traditional method of securing a mortgage for the financing of a home purchase continues to be followed by most, interested homebuyers ought to consider a rent-to-own option. This unique opportunity allows the aspiring homebuyer to live in the home they would eventually like to own provided they pay their rent and meet agreed upon contractual obligations, allowing them in the meantime to save money or improve a credit score.
Cost of living in Bay City?
The only state divided in two peninsulas, the state of MI features two diverse economies. In the upper peninsula, given its natural beauty and landscape, tourism is big, one of the main sectors of the economy with $17 billion spent by tourists annually. In the southern peninsula, manufacturing, technology, and services are the main economic centers of the state. Agriculture and university research are also two main sectors in the state, providing an abundance of jobs and attracting diverse people across the country and globe. In terms of cost of living, Bay City, in the center of the state, is on par with most of the state’s smaller cities located in more rural sparsely populated areas. Home prices, costs of goods and services, and such, are lower than the state and national averages.
Bordering Canada to the south and surrounded by four of the Great Lakes, Michigan is known for its cold long winters and abundance in water resources. Yearly the state attracts millions for its many desirable hunting and fishing opportunities. Auto manufacturing, the two major universities, and its historic cultural contributions make it one of the most notable states in the country. Bay City, on the cusp of Lake Huron, is at the center of it all.
Summary
Bordering Canada to the south and surrounded by four of the Great Lakes, Michigan is known for its cold long winters and abundance in water resources. Yearly the state attracts millions for its many desirable hunting and fishing opportunities. Auto manufacturing, the two major universities, and its historic cultural contributions make it one of the most notable states in the country. Bay City, on the cusp of Lake Huron, is at the center of it all.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
When you’re looking for your first townhouse or condo, you learn pretty quickly that it’s difficult to secure financing for houses when you have bad credit. However, you can find properties, like apartments, in our free listings that might meet your needs.
Our database includes free listings for cheap properties available for lease-purchase, rent to own by owner, foreclosed homes and owner financing. Many of these programs will work with you with no credit check.
The convenient part of rent to buy and lease to purchase agreements is that they give buyers time to prepare to purchase a home by saving up a down payment and improving their credit score. Owner financing often has less stringent requirements than conventional financing. Search for properties near me to find the program that’s most convenient.
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