Rent to Own Homes in Joplin
The below results are primarily rent to own homes in Jasper County, MO:
The city now known as Joplin was originally a village known as Joplin City, which was named in honor of early settler Harris G. Joplin. This area is located within the Joplin Creek Valley toward the southwestern corner of Missouri. It’s positioned approximately 70 miles west of Springfield, 150 miles south of Kansas City and 100 miles northwest of Tulsa, Oklahoma. Residents can reach Oklahoma City and other large cities in surrounding states within three hours, making this a well-connected region for entertainment and recreational purposes.
The Joplin Regional Airport sits on the northern edge of Joplin, and the Missouri Southern State University maintains a campus on the eastern border. Younger students are served by the Joplin R-VIII School District, which includes Joplin High School, three middle schools and more than 10 elementary schools. Public transportation was once offered through the Joplin Union Depot, but the city is now dependent upon the local railway and a network of highways.
Some of the biggest attractions in Joplin include the Joplin Museum Complex, the Great Falls and the Bonnie and Clyde Garage Hideout. There are also some beautiful places to spend time outdoors, including Cunningham Park and the Sandstone Gardens.
Buying a Home in Joplin
Buyers often pay around $50 per square foot for homes in Joplin. The median listing price for the city tends to stay well below $100,000, and you may qualify for assistance covering your down payment and closing costs if you check for programs with the city. If you have young children, you may want to look for homes around Kelsey Norman Elementary School or Stapleton Elementary School. These are two of the highest-ranked schools in the city. Nearly 70 percent of Joplin residents own their homes, so you shouldn’t have to look hard to find established neighborhoods that fit your lifestyle.
Popular Neighborhoods in Joplin
To find one of the most desirable Joplin neighborhoods, look in the southeastern corner of the city. This community falls south of East 32nd Street and east of Connecticut Avenue. The median real estate price can get close to $200,000 in this area, but it’s an established neighborhood with some of the city’s highest appreciation rates. The vacancy rate stays below 10 percent here, and you’ll find many large homes with at least three or four bedrooms.
If you’re looking for a safe neighborhood with more affordable real estate prices, head to the northern edge of the city. This community is known as Oakland Park, and prices are closer to $100,000 here. It’s located just north of Ozark Christian College and extends to the edge of the city.
Buying vs. Rent to Own Homes
If purchasing a home in Joplin is on your to-do list, a rent-to-own home may help you reach that goal. Instead of going straight to the bank for financing pre-approval, you will have the chance to move into the home that you want to call your own in the future. You can use the rental period to improve your credit so that you might quality for a higher interest rate. You can also settle into your new neighborhood and make sure that you’ve chosen the right location for your household. When you’re ready to check homeownership off your to-do list, you secure a mortgage loan and purchase the property.
Cost of Living in Joplin
Joplin residents typically pay average prices for transportation, healthcare and utilities, but the overall cost of living often drops 20 percent or more below the national average. This is largely due to the city’s affordable housing market. You can expect to pay 50 percent or more below average for your home, and that includes properties located in the best neighborhoods. The city boasts average prices for food and other goods and services, making this an affordable city that doesn’t require a huge salary for comfortable living.
Joplin is a southwestern Missouri city that is connected by highway to Kansas, Oklahoma and Arkansas. It’s home to the Missouri Southern State University and some popular entertainment venues like Great Falls and a museum complex. With median listing prices often falling well below $100,000, this city also boasts an affordable cost of living that appeals to many residents with limited income.
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.