Rent to Own Homes in Elgin
The city of Elgin rests on the shores of the Fox River, approximately 35 miles northwest of Chicago, Illinois. While the city first thrived from heavy investment in the dairy industry, it is best known as home to the famous Elgin Watch Company. This company was the largest manufacturer of watches for many years, but it isn't the only large company to get its start in this innovative town. The Elgin Sweeper Corporation was also founded here, and many successful people once called this town home. The list of celebrities and innovators who once attended Elgin High School is quite impressive. The below results are primarily rent to own homes in Kane County, IL:
Elgin , IL 60120
Hoffman Estates , IL 60192
3 Bedrooms, 1.5 Baths
Bloomingdale , IL 60108
5 Bedrooms, 3 Baths
Carol Stream , IL 60188
3 Bedrooms, 2.5 Baths
West Chicago , IL 60185
Mchenry , IL 60050
2 Bedrooms, 1 Baths
Downers Grove , IL 60515
4 Bedrooms, 2.5 Baths
Burr Ridge , IL 60527
Round Lake Beach , IL 60073
The city of Elgin rests on the shores of the Fox River, approximately 35 miles northwest of Chicago, Illinois. While the city first thrived from heavy investment in the dairy industry, it is best known as home to the famous Elgin Watch Company. This company was the largest manufacturer of watches for many years, but it isn't the only large company to get its start in this innovative town. The Elgin Sweeper Corporation was also founded here, and many successful people once called this town home. The list of celebrities and innovators who once attended Elgin High School is quite impressive.
Living in Elgin places you less than 90 minutes away from the entertainment and business opportunities available in Chicago, but you may not want to leave town that often. The Centre of Elgin is a recreational facility that provides a safe venue for socialization, exercise and personal development. The Elgin Public Museum educates visitors on natural history and anthropology, and the Elgin Symphony Orchestra gives adults a reason to enjoy a night on the town.
Other city attractions include the Gail Borden Public Library, the Grand Victoria Casino and the Highlands Golf Course. From exploring the artwork at Side Street Studio Arts to taking a walk at the scenic Bluff Spring Fen, there's something for every personality in Elgin.
Buying a Home in Elgin
The median listing price for Elgin homes is generally above $200,000, but the median sales price is usually closer to $150,000. When placing an offer on a home in one of the city's most desirable neighborhoods, you may have to compete with other buyers in a multiple-offer situation. That said, many homebuyers also get great deals on their dream homes without any competition. This is an active real estate market with new properties hitting the market regularly, so it's important to work closely with a professional with expertise in the Elgin market.
Popular Neighborhoods in Elgin
If you want to secure one of the most prized addresses in Elgin, head to Randall Road. You will find some of the newest housing developments spreading out from this road, and the crime rates in the area are lower than in many other parts of town. Many families choose to live near Randall and Route 20 where children are assigned to the Burlington School District rather than Elgin public schools, but keep in mind that home prices can go over a million dollars in this area. There are some more affordable homes available, so watch the market to see what you can find.
Buying vs. Rent to Own Homes
Do you break out in a sweat when you think about contacting the bank to ask for a home loan? If you know that your credit report could use a little work or you don't have enough money saved to put up a reasonable down payment, you can buy yourself a little time by opting for a rent-to-own agreement. This is a slower, less stressful path to homeownership that allows you to rent the property that you will one day own.
You get to move in right away with the contractual right to buy your home within a designated period of time. The terms of the agreement can vary from one property to another, but you may consider this an option if you're ready to buy a home but need a little time to get settled first.
Cost of Living in Elgin
While some Elgin residents report paying high prices for utilities and transportation, the overall cost of living for this city is slightly lower than the national average. This is mostly reflective of an affordable housing market that sets real estate prices approximately 20 percent lower than the national average. You can expect to pay average prices for most goods and services, and there are some creative ways to conserve electricity if you want to take advantage of the generous housing market.
You may come to Elgin because you need a job or you want to take advantage of the affordable home prices, but you may stay for the friendly neighborhoods and active arts scene. There are some impressive schools in the area for students of all ages, and most adults have no problem finding employment. From walking on nature trails and playing at the park to taking in a live play or going to the movies, this is a town that has something to entertain every member of your household.
Rent To Own Labs provides a diverse set of real estate listings, including rent to own (“lease to own” or “lease purchase”), owner financing, foreclosed, for sale by owner, and rental home opportunities. These listings are available to low-income residents and those with bad credit or no credit, and include both condos & houses. Rent to own homes near me include the list of zip codes we serve in this area: