Rent to Own Homes in Bridgeport
The below results are primarily rent to own homes in Fairfield County, CT:
While Bridgeport is located more than 60 miles away from New York City, many residents travel to the big city by train each day for work. The journey takes more than an hour each way, but residents enjoy the best of both worlds as they secure higher-paying jobs in the big city while enjoying lower real estate prices in the smaller city. The Greater Bridgeport Transit service makes this connection between New York and the coastal Connecticut city possible.
While Bridgeport isn’t the most prestigious city in the United States, it does have benefits for residents. The city was once home to P. T. Barnum, and the Barnum Museum continues to entertain visitors today. Families enjoy visits to the Beardsley Zoo and Discovery Museum and Planetarium. Webster Bank Arena keeps sports fans happy while the more cultured enjoy performances at Klein Memorial Auditorium.
The city is also a popular destination for students interested in studying at the University of Bridgeport. The campus is curled up to Seaside Park on the shores of the Long Island Sound, and it feels like a distinct region from the Old Bridgeport City sprawling in other areas.
Buying a Home in Bridgeport
You won’t find as many homes on the market in Bridgeport as you would New York City, and foreclosed homes make up a large percentage of what you will find. For example, there are less than 600 homes on the market at the time of this writing, and more than 200 of them are the results of foreclosure. This is good news if you’re interested in purchasing a low-priced home and fixing it up to reflect your dream house. If you’re searching for a home in move-in condition, you will need to work closely with a local real estate agent to find a home that meets your needs despite the limited selection.
Popular Neighborhoods in Bridgeport
The most popular neighborhood in this city is North Bridgeport. Some of the most expensive properties are located in this area, and residents enjoy access to Lake Forest plus three large parks. Residents also have access to the retail shops on Main Street. Since St. Vincent’s Medical Center is in the area, you’ll find many health service workers living here. The average listing price is over $165,000, making this one of the city’s more expensive communities. The Whiskey Hill neighborhood near the reservoir is another popular neighborhood with similar real estate prices.
Buying vs. Rent to Own Homes
Rent today, and buy tomorrow. This is a special real estate deal that has increased in popularity over the past five years. Rather than renting one property until you can afford to buy another, you rent the same property that you will purchase in the future. The rental period is designed to help you secure financing for the home at a later date. You can save a down payment during that time or work on improving your credit rating so that you qualify for more affordable loan terms. You will eventually move through the traditional home loan process just as you would when buying any other house, but you get to live in your home for a year or longer prior to doing so.
Cost of Living in Bridgeport
At first glance, you may think Bridgeport is just as expensive as any other big city throughout the United States. The overall cost of living is about 10 percent higher than the national average, but there is one thing that makes this city different than many others: housing expenses. The cost of housing is approximately 10 percent lower than the national average. Even more important, it’s as much as 50 percent lower than the Connecticut average. It’s also substantially lower than prices found in New York City.
Bridgeport is often thought of as a distant suburb of New York City, but it has a distinct character once you start exploring the neighborhoods. The city is positioned on the edge of the Long Island Sound, and the University of Bridgeport is located on that coastline along with a large park. Affordable housing is available throughout the city, and even homes in the more prestigious neighborhoods are affordable to buyers with a reasonable housing budget. If you want to work in NYC while stretching your budget, it’s always possible to commute from your Bridgeport home.
Rent to Own Realtors
Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.
Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.
Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.