Rent to Own Homes in El Monte
Friendly El Monte is a comfortable San Gabriel Valley town 17 miles east of Los Angeles. Located at the intersection of Interstates 10 and 605, it’s a popular hometown for commuters, but El Monte is much more than a bedroom community. Its roguish history, popular recreation sites and large employers make it a terrific place to live.
The El Monte area has long been a resting point for weary travelers. Spanish missionaries stopped here in the 18th century, as did settlers and Gold Rush prospectors in the 19th century. Briefly renamed El Monte Township, the town has also been home to militias, secessionists, Dust Bowl migrants and the El Monte Berry Strike of 1933. When rock and roll was too scandalous for Los Angeles in the 1950s, the El Monte Legion Stadium hosted infamous concerts and weekend dances.
Today, locals still appreciate the city’s convenient location and offerings. Cyclists and walkers enjoy the San Gabriel River Trail and plentiful local parks. Abundant shops, restaurants and large employers such as El Monte School District and El Monte Union High School District make it relatively easy to avoid commuting into LA.
Buying a Home in El Monte
El Monte is one of the more affordable cities in the San Gabriel Valley. You’ll find that most available properties are detached homes; only about 10 percent of homes on the local market are condominiums. While the average list price of a single family home is $645,000, the median list price is $509,000. The news is even better when you find that the median closing price of a home is $439,000. All in all, home buyers can expect to pay about $325 per square foot for a home in the area.
Popular Neighborhoods in El Monte
There are several family-friendly neighborhoods in El Monte. Northwest El Monte is near affluent Temple City but offers more affordable homes with a median list price of $499,000. Mostly built in the 1950s and ‘60s, homes here are well-kept single family homes and duplexes close to the 605 freeway. Newer homes and nicely manicured yards are found in the Norwood-Cherrylee area too. The neighborhood is also close to the 605 and has plenty of restaurants, stores and services. Nearby communities of Rosemead and South El Monte are also popular for their upscale homes, shorter commute times and excellent schools.
Buying vs. Rent to Own Homes
In towns where home prices are on the rise, renting to own a home provides many advantages. These rent-to-own arrangements usually lock in the purchase at today’s rates, even though the sale is finalized one to three years down the road. This gives homebuyers time to build their financial reserves without worrying about market fluctuations. The financial requirements of a rent-to-own contract are often more relaxed, so home buyers enjoy greater flexibility.
Cost of Living in El Monte
While El Monte residents spend about 44 percent more on overall living expenses than most Americans, those costs are about 20 percent less than in Los Angeles proper. Even compared to its neighboring cities, El Monte is a bargain. Residents of nearby Temple City spend about 40 percent more on living expenses, and Rosemead residents pay about 10 percent more. As with most Southern California towns, the biggest expense for locals is in housing. Other costs are much closer to the national average. Food, transportation, utilities and health care are just 10 to 11 percent higher than in the rest of the nation.
With an ethnically diverse population of 116,000, El Monte is a welcoming city in the heart of the San Gabriel Valley. Modest homes and friendly neighborhoods near major Southern California freeways are some of the city’s biggest selling points. El Monte’s relatively affordable housing and cost of living are also major benefits of locating in the Los Angeles County town. Homes here have a median selling price that’s about $200,000 cheaper than in the city of Los Angeles and a cost of living that is 20 percent more affordable.
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 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.