Rent to Own Homes in Lebanon
Located 29 miles east of Pennsylvania’s capital city of Harrisburg and 90 miles west of Philadelphia, Lebanon is a small city in southeastern PA. Although its history goes back to the early 1700’s when it was first settled, Lebanon didn’t become an incorporated city until 1885. Thus, its population, is just under 26,000, a figure that has grown over the years. Noteworthy about... Read More
Located 29 miles east of Pennsylvania’s capital city of Harrisburg and 90 miles west of Philadelphia, Lebanon is a small city in southeastern PA. Although its history goes back to the early 1700’s when it was first settled, Lebanon didn’t become an incorporated city until 1885. Thus, its population, is just under 26,000, a figure that has grown over the years. Noteworthy about Lebanon too is that it encompasses only 4.2 square miles. Lebanon’s young age and small size are not to be mistaken though. Sperling’s Best Places recognized Lebanon as the second least stressful city in the United States. Its “low crime, low divorce rates, short average commute times and low unemployment” were just some of the factors giving it this distinction—no small feat in the cold, busy, and crowded northeast. Lebanon’s convenient location in the state, solid employment figures, and lower than average real estate prices have likewise contributed to its reputation as a solid place to live and work.
Buying a Home in Lebanon, PA
For all the northeastern part of the country has to offer its residents home prices and the cost of living are on average higher. Not so with Lebanon. The median prices of homes are currently at around $89,900, significantly lower than the Pennsylvania average of $169,900. Rent prices are very affordable too, much lower than state and northeastern averages. Where the median rent price in Pennsylvania runs around $1,250 rent prices in Lebanon on average stand around $700. With 44% of the population consisting of homeowners, many residential options exist for the aspiring homebuyer in Lebanon. Condos, townhomes, single-family homes, these options and more, have wide availability. The below results are primarily rent to own homes in Lebanon County, PA:
Located 29 miles east of Pennsylvania’s capital city of Harrisburg and 90 miles west of Philadelphia, Lebanon is a small city in southeastern PA. Although its history goes back to the early 1700’s when it was first settled, Lebanon didn’t become an incorporated city until 1885. Thus, its population, is just under 26,000, a figure that has grown over the years. Noteworthy about... Read More
Located 29 miles east of Pennsylvania’s capital city of Harrisburg and 90 miles west of Philadelphia, Lebanon is a small city in southeastern PA. Although its history goes back to the early 1700’s when it was first settled, Lebanon didn’t become an incorporated city until 1885. Thus, its population, is just under 26,000, a figure that has grown over the years. Noteworthy about Lebanon too is that it encompasses only 4.2 square miles. Lebanon’s young age and small size are not to be mistaken though. Sperling’s Best Places recognized Lebanon as the second least stressful city in the United States. Its “low crime, low divorce rates, short average commute times and low unemployment” were just some of the factors giving it this distinction—no small feat in the cold, busy, and crowded northeast. Lebanon’s convenient location in the state, solid employment figures, and lower than average real estate prices have likewise contributed to its reputation as a solid place to live and work.
Buying a Home in Lebanon, PA
For all the northeastern part of the country has to offer its residents home prices and the cost of living are on average higher. Not so with Lebanon. The median prices of homes are currently at around $89,900, significantly lower than the Pennsylvania average of $169,900. Rent prices are very affordable too, much lower than state and northeastern averages. Where the median rent price in Pennsylvania runs around $1,250 rent prices in Lebanon on average stand around $700. With 44% of the population consisting of homeowners, many residential options exist for the aspiring homebuyer in Lebanon. Condos, townhomes, single-family homes, these options and more, have wide availability. The below results are primarily rent to own homes in Lebanon County, PA:
Popular Neighborhoods in Lebanon, PA
Lebanon is famed for its historical architecture. Many of its downtown buildings feature pre-World War II motifs. Included on the National Register of Historic Places are the Chestnut Street Log House, Cornwall & Lebanon Railroad Station, Josiah Funck Mansion Salem Evangelical Lutheran Church, the Union Canal Tunnel Park, among others. Lebanon isn’t just of interest to the history buff, though, as many modern residences, parks, museums, and galleries are also a prominent feature of the city. Parks, playgrounds, tennis courts, community swimming pools, picnic facilities, and recreational activities are routinely enjoyed as are the Coleman Memorial and Stoever’s Dam Parks.
One noteworthy neighborhood in Lebanon is Rocherty. While the priciest neighborhood in Lebanon with a median real estate price of $228,508, 68% of the homes available here are between $99,000 and $297,000. In keeping with its relatively young age the homes in Lebanon have been built between 1970 and 1999, with a good number built between 1940 and 1969. An aspiring homeowner can expect attractive properties here, the best of Rocherty has to offer.
Buying vs. Rent to Own Homes in Lebanon, PA
Owning a home in Lebanon is certainly within possibility for most people. As highlighted beforehand rent and real estate prices are customarily lower than mostly all of the state and under the Harrisburg Metro median of $1,185. For the aspiring homebuyer looking to save on upfront costs and the hassles of securing an expensive mortgage, a rent-to-own options presents a wonderful opportunity. This unique arrangement allows the would-be homeowner to live in the home they would like to eventually own provided they keep up with their rental payments. In turn, said homeowner can save for a down payment, reduce debt, and improve a credit score.
Summary
Over the years Lebanon has managed to merge its quaint historical past with its growing modernized economy and way of life. More needs to be done but one thing is evident: the city is growing, and its leaders and residents are motivated to see Lebanon thrive. Uniquely positioned between some of Pennsylvania’s most famous cities, Lebanon is also not too far from other major social, cultural, and economic points of interest. New York City and New Jersey to the east and Baltimore and Washington D.C. to the south are, in their respective directions, only a couple of hours away. Commuters and big city enthusiasts looking for a more peaceful place to call home, then, are sure to enjoy what Lebanon has to offer.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.
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