Rent to Own Homes in Evansville
The below results are primarily rent to own homes in Vanderburgh County, IN:
Located in the southwestern corner of Indiana, Evansville is the state’s third largest city with 117,429 residents. As part of the Evansville metropolitan area, the region serves more than twice that number of residents. Evansville city leaders take care to provide plentiful resources to its residents, from a vibrant downtown Evansville to its 65 municipal parks. Locals also enjoy the activities found at Evansville Vanderburgh Public Library, productions offered by the Evansville Civic Theatre and events like the West Side Nut Club Festival. Evansville Vanderburgh School Corporation operates the local public school system, including a nationally recognized high school.
All of these perks contribute to a town that is treasured for its attractions and activities and appreciated for its bounty of top national employers. Evansville was recognized as the top city in the United States to live, work and play in 2008 and continues to strive to make its residents happy, healthy and prosperous.
Buying a Home in Evansville
Evansville’s housing market is strong, with 60 percent of homes occupied by owners and 40 percent rented. There’s plenty of bright spots for home buyers in the region, with median sales prices dropping 7 percent to $117,000. That median sales figure represents 95.8 percent of the original asking price, so sellers seem willing to negotiate a bit on price. Interestingly, the hlocal ousing inventory has also contracted by nearly 10 percent, and the number of closed sales leaped by 30.4 percent.
Popular Neighborhoods in Evansville
If you love historic homes, Evansville is the perfect hometown for you. The city is home to 13 historic districts, including the beautiful Culver and Bayard Park neighborhoods. Bayard Park homes were built in the late 1890s and early 1900s and feature Queen Anne, English revival and bungalow homes. It’s also close to several libraries and the city’s first neighborhood park. Nice, newer homes on large lots are found in the McCutchanville area. Median home prices in McCutchanville are $224,740. On the West Side, homes are mostly small, vintage bungalows with an occasional newer, grander home thrown into the mix. Families in the West Side neighborhood enjoy access to excellent schools, low median home prices and major thoroughfares like West Diamond Avenue.
Buying vs. Rent to Own Homes
Buying a home the conventional way can be stressful. Rent to own homes take some of that stress away by slowing down the process and giving you time to come up with a down payment and a home loan. In fact, once you negotiate terms with the home seller, you can move into the property right away and structure the contract to give you from one to three years to finalize the financing. In the meantime, you’ll pay an option fee, monthly rent and monthly rent premiums. The option fee and premiums are usually credited to your eventual down payment due at the end of your contract.
Cost of Living in Evansville
Evansville is a delight and its overall cost of living is even more precious. Overall, local residents pay 18 percent less on life’s necessities than the average American. The news is even better when it comes to housing costs. Evansville residents pay just 52 percent of the national average on housing. Other expenses are also cheaper, including health care and groceries that are 10 percent less expensive than the country’s average. You’ll save on utilities and transportation, too, spending 5 to 6 percent less than in other parts of the nation.
German heritage festivals, a historic zoo/botanical garden and countless other attractions give Evansville its unique charm. Employment is high, the people are friendly and the location on the Ohio River is picturesque. With all that Evansville has to offer, it’s amazing that the city still features nice homes in welcoming neighborhoods for nearly half the price of other communities. From many historic districts with Victorian homes to new subdivisions, home buyers have many options and excellent deals.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
About Our Listings
Rent to Own Labs offers free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.