Rent to Own Homes in Jackson
Jackson's economic history included a period when the city manufactured women's corsets in large numbers. The Jackson Corset Co. was a major employer in the city from the 1860's until the 1820's. Today's economy in Jackson is driven by CMS Energy and Allegiance Health. Public transportation within the Jackson city limits is provided by the Jackson Area Transportation Authority.The below results are primarily rent to own homes in Jackson County, MI:
Jackson's economic history included a period when the city manufactured women's corsets in large numbers. The Jackson Corset Co. was a major employer in the city from the 1860's until the 1820's. Today's economy in Jackson is driven by CMS Energy and Allegiance Health. Public transportation within the Jackson city limits is provided by the Jackson Area Transportation Authority.The below results are primarily rent to own homes in Jackson County, MI:
Local attractions in Jackson include the Original Jackson Historic Prison Tours and the nearby Michigan International Speedway which hosts numerous NASCAR events. The very first Coney Island restaurant was established in Jackson in 1914 by George Todoroff. From its location in front of the local railway station, the Jackson Coney Island restaurant became the birthplace of the delicious food treat that is enjoyed in many parts of the country today.
Buying a Home In Jackson?
Only half of the homes in Jackson are owner-occupied. This makes for a thriving housing market which will hold a strong appeal for first-time buyers. The median price of a home in Jackson is just $65,000, far below the national average. Monthly mortgage payments average $937. While the local market offers value, prospective buyers are advised to do their due diligence as some areas of the city have many homes in states of ill repair.
About 17% of the homes in Jackson are more than 25 years old. 51% have three or more bedrooms. The city, like many others in the shadow of Lansing, has weathered an economic downturn that substantially lowered the prices of homes in the area.
Popular Neighborhoods in Jackson?
The Leoni neighborhood on the east side of Jackson boasts many homes that are valued at double the local median. Leoni is quiet and many retail establishments and restaurants are within walking distance. The residents of this area tend to be older married couples and young couples with children. Another neighborhood that will appeal to home buyers is the Napoleon community at the city's southeast corner. It has a low crime rate and an equal number of young and old residents. The median price of a home here is significantly higher than average. Prospective buyers are cautioned to research all neighborhoods in Jackson before considering a purchase. Some areas have a statistically high crime rate compared to the national index.
Buying vs. Rent to Own Homes?
There are certainly many affordable homes for sale in Jackson, but qualifying for a home loan can still be difficult for new owners. Those who wish to avoid the hassles of a traditional mortgage may wish to explore the possibility of a rent to own home. These homes allow the prospective buyer to allocate a large portion of their monthly rent to eventual ownership. A rent to own home also offers an easier exit should the buyer's circumstances change.
Cost of Living in Jackson?
Jackson has an extremely low cost of living compared to the national average. This can be attributed to the recent economic hardships that were endured by Michigan. The housing index is 53% lower than it is nationwide, creating a very nice scenario for prospective buyers. Groceries are 17% lower than average and other good and services are 11% lower than they are across the nation. Utilities, on the other hand, rate 1% higher than they do nationwide.
Jackson, Michigan has a rich history that dates back to 1829. This suburb of Ann Arbor and Lansing provided the location for the founding of the Republican Party and is also the original home of the Coney Island Hot Dog. With many values to be found in the local housing market, a small population of just 34,000, and a low cost of living, Jackson is an ideal location for both singles and families.
Summary
Jackson, Michigan has a rich history that dates back to 1829. This suburb of Ann Arbor and Lansing provided the location for the founding of the Republican Party and is also the original home of the Coney Island Hot Dog. With many values to be found in the local housing market, a small population of just 34,000, and a low cost of living, Jackson is an ideal location for both singles and families.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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