Rent to Own Homes in Elgin

According to the United States Census Bureau, approximately 90 percent of Elgin residents were high school graduates as of 2010. The median family income is now above $65,000, and the median income per household is above $50,000. Many residents are attracted to this region of South Carolina because the cost of housing is often 50 percent or more below the national average, and the overall cost of living is typically below average as well.

Buying vs Rent to Own Homes

Are you ready to buy a home in the Elgin area? If so, perhaps you’re qualified to move into a rent-to-own house. You can follow the traditional home-buying process to purchase these properties, but you also have the option of renting for a year or longer. You don’t have to worry about other buyers making offers on the property while you’re locked into a rent-to-own contract, and you have the option of purchasing the home at a defined price. This gives you some time to improve your credit score, income and other financial variables so that you qualify for a lower interest rate when you do take out a mortgage loan.

Summary

Elgin is a small South Carolina town with fewer than 5,000 residents. The city boasts a high average income and is a short drive from Columbia, but most long-term residents stay for the family-friendly, small-town experience. The population is mostly high school educated and enjoys easy access to a variety of small restaurants, bars and retail shops through the city’s Main Street. With a low cost of living and a variety of jobs a short commute from the city, Elgin is expected to continue its slow growth in years to come.