Rent to Own Homes in Jackson

Buying a Home in Jackson

With about 275 homes on the market, homebuyers have a variety of options in Jackson. The median asking price for a home here is $125,000; prices have stayed fairly steady over the past three years, hovering in the $124,000 to $138,000 range. Still, there are a number of homes listed for less than $100,000. This is particularly true in Jackson’s central neighborhoods. The $62 price per square foot for a home in Jackson is less than half of the national price, so you can expect homes here to be affordable, regardless of size. Homes here sell within 75 to 102 days on the market.

Buying vs. Rent to Own Homes

Rent to own homes ease you into buying a home. With traditional home purchases, most of your work is required on the front end. At the outset of a conventional purchase, you need to pre-qualify for a mortgage, save up a large down payment and negotiate the home’s purchase. Rent to own homes are more relaxed and incremental. First, you negotiate a contract with the home’s seller or agent, and you pay a small option fee. Then, you move in and make monthly rent premium payments. These premiums are credited to your home purchase, so you’re making progress each month. You don't need a mortgage until the end of the contract.

Summary

Once the biggest city in West Tennessee, Jackson remains an important regional hub of industry in the state. Although Memphis is less than one and a half hours away, Jackson has everything residents need for a full and rewarding life. Jobs in manufacturing, government and education are available here, as is affordable housing. In fact, the city boasts a wide range of homes costing less than $150,000, well under the national median home price of $201,000. Jackson is also home to several institutions of higher learning, including Jackson State University, Union University and Tennessee Colleges of Applied Technology.