Rent to Own Homes in Chicago
If the United States is a melting pot, Chicago is its epicenter, bringing together dozens of cultures, cuisines and celebrations that make living in the city a delight. Where else in the United States could one nosh on Polish blintzes, stroll along a St. Patrick’s Day-inspired green Chicago River, lunch on jibarito sandwiches, sing the Blues and join a stepping party... Read More
If the United States is a melting pot, Chicago is its epicenter, bringing together dozens of cultures, cuisines and celebrations that make living in the city a delight. Where else in the United States could one nosh on Polish blintzes, stroll along a St. Patrick’s Day-inspired green Chicago River, lunch on jibarito sandwiches, sing the Blues and join a stepping party all in the same day?
The Chicago metropolitan area’s unique vibe also comes from its network of diverse neighborhoods and sub-neighborhoods, rich history and notable institutions. Although the Great Chicago Fire destroyed many of the town’s original buildings, public art and historic structures continue to bring together locals and visitors. From the Art Deco Chicago Board of Trade tower and Millennium Park’s “The Bean” to the University of Chicago’s cultured halls and savvy Chicago Tribune, Chicago is filled with inspiration.The below results are primarily rent to own homes in Cook County, IL:
If the United States is a melting pot, Chicago is its epicenter, bringing together dozens of cultures, cuisines and celebrations that make living in the city a delight. Where else in the United States could one nosh on Polish blintzes, stroll along a St. Patrick’s Day-inspired green Chicago River, lunch on jibarito sandwiches, sing the Blues and join a stepping party... Read More
If the United States is a melting pot, Chicago is its epicenter, bringing together dozens of cultures, cuisines and celebrations that make living in the city a delight. Where else in the United States could one nosh on Polish blintzes, stroll along a St. Patrick’s Day-inspired green Chicago River, lunch on jibarito sandwiches, sing the Blues and join a stepping party all in the same day?
The Chicago metropolitan area’s unique vibe also comes from its network of diverse neighborhoods and sub-neighborhoods, rich history and notable institutions. Although the Great Chicago Fire destroyed many of the town’s original buildings, public art and historic structures continue to bring together locals and visitors. From the Art Deco Chicago Board of Trade tower and Millennium Park’s “The Bean” to the University of Chicago’s cultured halls and savvy Chicago Tribune, Chicago is filled with inspiration.The below results are primarily rent to own homes in Cook County, IL:
Buying a home in Chicago?
It’s not surprising that owning a part of this dynamic city is a goal for many residents. Home prices in Illinois have steadily risen over the past two and a half years, and Chicago’s market is especially strong. Chicago’s median home price is now $212,000, up more than 21 percent over the past year.
Home buyers may notice some of the most dramatic price surges in neighborhoods like Lincoln Park and DePaul where average listing prices are $1,148,721 and $988,027 respectively. Other neighborhoods remain affordable, in spite of recent price trends, including Hyde Park at $347,269, Burnside at $90,031 and The Loop at $585,086. The surrounding suburbs offer even more affordable prices, with median prices in the $175,000 range.
Popular neighborhoods in Chicago?
The beauty of a thriving city like Chicago lies in the vast diversity of its neighborhoods, and Chicago’s bergs never disappoint. For those looking to join the blue-blood set, the city’s Gold Coast is the place to be. Its lakefront mansions and chic lofts please even the most discerning buyers and provide quick access to Chicago’s business district. The Gold Coast borders Lake Michigan and is filled with historic mansions and shopper paradises.
Well-off professionals also flock to Hyde Park, where famed neighbors include the Obamas, Hugh Hefner and Milton Friedman. Prided institutions, like the University of Chicago and the rocking Checkerboard Lounge also reside in Hyde Park.
Young professionals and families also enjoy the schools, shopping and nightlife of Lincoln Park, which, true to its name, is grassy and green as if it embodies Chicago’s motto, “City in a Garden.” They also love the welcoming feel of Roscoe Village, where everything is in walking distance and there is an overwhelming feeling of calm. Wherever you choose to live, Chicago is known as the Architectural Capital of the United States, you’ll find beauty on your block.
The Spirit of Chicago?
While it’s surprising to say a city in the middle of the continental United States has a beach, the sand on the shore of Lake Michigan is close to it. Over the summer months, Chicago natives like to lay out and soak in its beauty. People also like to lay out with picnic baskets at Millennium Park to soak in the art, architecture and nature. In the winter, Millennium Park transforms from green landscapes to an ice skating, snow paradise. The music scene is incredible too. Find live music from the urban blues, which has its roots in Chicago, to hip hop to EDM to classical.
If you’re looking for a place that has a real understanding of delicious Americanized cuisine, Chicago has got you covered. From deep dish pizza, to hot dogs with no ketchup, of course, the food in Chicago is loved and appreciated by all residents. But American food isn’t the only great cuisine in Chicago. You’ll also find great Greek, Polish and Latin American food.
Sports culture is strong in Chicago, and the name of the game is baseball. Whether you’re a Cubs fan or a White Sox fan, Chicago residents beam with pride for their chosen team. Not to be confused, Chicago natives love football and the Bears too! Great universities, like Northwestern, the University of Chicago and DePaul are right around the corner. Most kids travel to the area for education, but if you have kids, they have access to incredible universities right next to home.
Chicago is a commuter community, there is an abundance of public transportation to get you wherever you need to go, and it’s the perfect city for bikers. Biking is a quick way to get around in the city, and officials have added lots of bike lanes to make it simple.
Buying vs. Rent to Own Homes?
For home buyers who want to build up a down payment, improve a credit score or just test out how the house fits their family, renting to own a home is often a preferred solution.
In most rent-to-own contracts, renters pay an option fee and a monthly rental premium, both of which usually are credited to the buyer’s down payment. Most contracts also lock in an agreed-upon purchase price at the time the contract is signed. This makes rent-to-own options a great choice for times when house prices are on the climb, like they have recently been in Chicago. If you lock in a price today with a rent to own agreement, and the price increases, you will still pay the price you locked in. You may have earned money during the time you were renting!
Rent to own is a preferred solution for those who are saving or working toward improving credit because of the time it gives buyers. By participating in the agreement, renters are automatically saving toward their down payment. Without having to worry about tax or insurance fees, the renter can concentrate on using his or her money toward paying down debt and improving his or her credit score.
Cost of Living in Chicago?
While cost of living in Chicago is slightly more expensive than the national average, housing here is about 3 percent cheaper than the rest of the country. Since housing is usually one of the biggest expenses for a family, Chicago’s lower housing costs can mitigate its higher grocery and transportation expenses. Chicago’s true affordability is more evident when it’s compared to other major American cities. Chicago’s cost of living is 78 percent of New York City’s, and Chicagoans’ local purchasing power is a whopping 31 percent stronger than in the Big Apple.
Be mindful of Chicago taxes. Sales tax in Chicago is a combination of state, county, city and special taxes. Sales and property taxes in Chicago are high, when compared to the rest of the country. Illinois is one of the states that has its own income tax added to the federal one; however, there is no city income tax in Chicago.
Quirky, posh, working class, bohemian and multicultural, the vast diversity of Chicago’s neighborhoods blend together to create a beloved hometown. Although home prices are steadily increasing, Chicago still offers some of the most affordable housing available in a major metropolitan city. Featuring home prices well below the national median of $219,400, Chicago offers a wide range of townhouses, lofts, walk-ups, bungalows and waterfront manors to fit nearly any budget. This is especially true if home buyers take advantage of the benefits of rent to own.
Summary
Quirky, posh, working class, bohemian and multicultural, the vast diversity of Chicago’s neighborhoods blend together to create a beloved hometown. Although home prices are steadily increasing, Chicago still offers some of the most affordable housing available in a major metropolitan city. Featuring home prices well below the national median of $219,400, Chicago offers a wide range of townhouses, lofts, walk-ups, bungalows and waterfront manors to fit nearly any budget. This is especially true if home buyers take advantage of the benefits of rent to own.
Rent to Own Realtors
Most realtors aren’t going to want to work with a client looking for a rent to own deal. The upfront profit for a realtor is minimal, and the largest chunk of the commission isn’t guaranteed – even after the contract is signed. Successful rent to own deals make the bulk of commission for realtors as far as three years in the future.
Good realtors know that if they’ve done their job qualifying and showing a buyer options that meet their tastes and budgets, a rent to own deal has a great chance of success. But good realtors are rare.
Instead of using a realtor, learn about rent to own yourself and meet with professionals in the title, mortgage and legal industries to increase your chances of success.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.
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