Rent to Own Homes in Jackson
The below results are primarily rent to own homes in Hinds County, MS:
Named for Andrew Jackson in celebration of his role in the Battle of New Orleans, Jackson is both the capital and the largest city in Mississippi. Its economy is bolstered by strong medical and legal industries and a dozen respected colleges, including Jackson State University. Jackson is famous for its music scene, first with its underground Gold Coast nightclubs and later for its gospel, blues and R&B artists.
Rather than edit or gloss over the city’s complicated racial history, Jackson celebrates its perseverance and dedication to civil rights. The site of its 1963 Woolworth’s sit-in is part of the Mississippi Freedom Trail, but Jackson was such an integral part of the United States Civil Rights Movement that the city overflows with sites that were touched by the movement’s leaders and activities.
Buying a Home in Jackson
Jackson-area house hunters have plenty of choices, with 3,130 homes on the market. While new listings in the region have decreased 6.2 percent, and closed sales are down 13.2 percent, home prices are rising. The median list price for local homes increased 15.1 percent to $167,500, and the average sales price jumped 10 percent to $180,522. When the home purchase is negotiated, buyers pay 95.6 percent of the original asking price. House hunters have ample time to make their decision, as well, since homes stay on the market an average of 102 days.
Popular Neighborhoods in Jackson
Professors, university employees and families appreciate the beautiful architecture of the historic homes of Belhaven. The neighborhood offers quick access to Belhaven University and Jackson State University. Families, couples and singles also enjoy the historic Fondren neighborhood for its comfortable ranch homes, plentiful shops, proximity to University of Mississippi Medical Center and beautiful historic buildings. Executives and established families appreciate the refinement of the Eastover neighborhood where sprawling brick Georgian homes, Louisiana Plantation estates and other architecturally varied homes are enhanced with private community security and plentiful events.
Buying vs. Rent to Own Homes
There are a number of advantages to purchasing a home through a rent-to-own arrangement. Traditional home purchases require an excellent credit rating; rent to own homes have looser financial requirements. Traditional loans call for an immediate down payment; rent to own homes usually involve a smaller option fee at the beginning of the process. Traditional home purchases insist that buyers wait until escrow closes before moving in; rent to own homes usually allow buyers to move in right away. Finally, rent to own homes let buyers negotiate a purchase price today, but finish the purchase one to three years down the line when house values may be higher.
Cost of Living in Jackson
Jackson residents treasure the city’s affordability, paying just 83 cents on life’s necessities for every dollar other Americans spend. In fact, all measured categories are cheaper than the national average except utilities, which are 18 percent more expensive. Locals save 10 percent on groceries, 5 percent on health care, 44 percent on housing and 3 percent on transportation. Jackson’s living costs are even inexpensive when compared to other Southern cities; Jackson is 15 percent cheaper than New Orleans, 9 percent cheaper than Biloxi and 5 percent less expensive than Montgomery, Alabama.
Country-style living in a bustling capital city is possible, and it’s available in Jackson. From welcoming neighborhoods with beautiful old country homes to new home developments in outlying suburbs, Jackson offers it all, with a little dash of Southern charm. Homes here are very affordable, although rising steadily in price. Neighborhoods are lush and suit just about every budget and lifestyle. Best of all, the cost of living in Jackson is so far below the national average that the city earned the No. 3 spot on Forbes’ list of “Best Bang for your Buck Cities.”
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
When you’re looking for your first townhouse or condo, you learn pretty quickly that it’s difficult to secure financing for houses when you have bad credit. However, you can find properties, like apartments, in our free listings that might meet your needs.
Our database includes free listings for cheap properties available for lease-purchase, rent to own by owner, foreclosed homes and owner financing. Many of these programs will work with you with no credit check.
The convenient part of rent to buy and lease to purchase agreements is that they give buyers time to prepare to purchase a home by saving up a down payment and improving their credit score. Owner financing often has less stringent requirements than conventional financing. Search for properties near me to find the program that’s most convenient.
Reported Annual Crime In Jackson