Rent to Own Homes in Hartford
Located in the Connecticut River valley, Hartford and its neighboring West Hartford and East Hartford benefit from Hartford’s thriving economy. That economy includes some of the world’s biggest insurance companies, a variety of financial institutions and many health care and research facilities. Higher education also plays an important role in the local economy, from University of Connecticut School of Law and Trinity College to University of Hartford.
Buying a Home in Hartford?
Local home buyers have plenty of choices on the housing market, with 7,907 houses to consider. New listings climbed nearly 11 percent in the past year, generating 2,570 more homes for the local market. Sales in the greater Hartford area rose 4.31 percent, while median home prices fell .64 percent to $216,600. Meanwhile, the selling pace slowed, with homes staying on the market 6.67 percent longer at 80 days. Condominium sales also increased, rising 5.41 percent to 234 homes sold, and median sales prices dipped .96 percent to $155,000.
Popular Neighborhoods in Hartford?
Students, couples and families appreciate the Blue Hills neighborhood for its proximity to University of Hartford, easily walkable streets and pleasant mix of apartments and comfortable older homes. Blue Hills homes have an average selling price of $92,348. First-time home buyers and young families enjoy the convenient location and mid-19th-century homes of the Behind the Rocks neighborhood. The neighborhood is close to Trinity College, a host of commercial areas and sports facilities and offers homes with an average selling price of $109,217. Frog Hollow is equally appealing to young professionals, families and retirees who relish the proximity to parks, the State Capitol, insurance companies and the city’s Latino Main Street. Homes in Frog Hollow have an average selling price of $126,211.
Buying vs. Rent to Own Homes?
For those who are willing to venture away from conventional home purchases, rent to own homes offer three main advantages. First, rent to own homes don’t require buyers to meet the stringent financial guidelines that traditional lenders do. Since most rent to own home contracts last a few years, buyers have time to accumulate a stronger down payment and improve their financial ratings. Finally, rent to own homes help buyers take advantage of today’s lower housing prices, but pay at a later date, even if prices have risen substantially in the meantime.
Cost of Living in Hartford?
Hartford’s appealing homes are 9 percent cheaper than the national average, but the cost of most other essentials is higher in Hartford. Locals spend 14 to 17 percent more for groceries, utilities, transportation and health care costs than the average American. When combined together, the savings on housing and higher living expenses create an overall cost of living in Hartford that is 9 percent more expensive than the national average.
Historic Hartford brims with fascinating buildings like the world’s largest Colonial Revival building that houses the Fortune 100 Aetna headquarters. It also has a number of cultural attractions, recreation sites and entertainment venues that keep the city and its residents busy. Keeping pace with this activity, the city’s homes are also selling quickly, although prices are dropping marginally. Whether buyers choose one of Hartford’s many historic neighborhoods or newer homes, the cost of housing remains very affordable. Even with these economical housing costs, though, the overall cost of living in Hartford is slightly above the national average.
Summary
Historic Hartford brims with fascinating buildings like the world’s largest Colonial Revival building that houses the Fortune 100 Aetna headquarters. It also has a number of cultural attractions, recreation sites and entertainment venues that keep the city and its residents busy. Keeping pace with this activity, the city’s homes are also selling quickly, although prices are dropping marginally. Whether buyers choose one of Hartford’s many historic neighborhoods or newer homes, the cost of housing remains very affordable. Even with these economical housing costs, though, the overall cost of living in Hartford is slightly above the national average.
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
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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