Rent to Own Homes in Lima
Locals here enjoy access to excellent health care options. Both Lima Memorial Health System and St. Rita’s Medical Center provide advanced care and are regional trauma centers. Other important services that enrich Lima's quality of life are provided by Lima city government and other organizations. Residents have access to several public school systems, including Lima City Schools and Shawnee Local School District. Higher education is also plentiful in Lima, with the University of Northwestern Ohio, Ohio State University Lima and James A. Rhodes State College located in town.
Buying a Home in Lima?
Opportunities for rent to own homes in Lima is strong. Home prices are affordable at an average selling price of $110,000. In addition, there is a large rental home market in Lima where more than 42 percent of the city’s homes are available for rent. Even better news for buyers is that median home prices are lower than they’ve been at any other time in the past 12 years. The median home value is at a very affordable $47,000, making homeownership possible for many buyers. The city is affordable even by Ohio standards. Homes throughout the state have a median value of $112,000.
Popular Neighborhoods in Lima?
The city’s West End and Parkside neighborhoods are treasured for their historic and vintage homes and well-maintained landscapes. Homes here are mostly in the $80,000 to $120,000 range with a few sterling gems priced in the low $200,000s. Families also enjoy the nice homes and excellent schools of Sharon Park and American Township, just on the west outskirts of Lima. Homes in this neighborhood offer a wide range of prices, from about $90,000 to more than $200,000. On the east side of town, established families appreciate the larger homes and nice conveniences found in the Country Club Hills/Twin Lakes neighborhood. Homes here are close to Interstate 75 and range from $150,000 to $250,000.
Buying vs. Rent to Own Homes?
While buying a home the conventional way can be restrictive to first-time homebuyers and those with less-than-perfect credit, rent to own home purchases offer more flexibility. Rent to own homes are often arranged directly between the buyer and the seller, providing more control for both parties. Often, rent to own homes have more lenient credit requirements and give buyers extra time to supply a down payment. Generally lasting one to three years, rent-to-own contracts provide much-needed time for buyers to secure the necessary financing while already living in the home. Cost of Living in Lima
Housing prices are so incredibly low in Lima that locals spend only 31 cents on housing for every dollar that most other Americans spend. Other necessities like groceries and utilities are closer to the national average, with a few expenses slightly higher than the average. Even so, the city’s very affordable housing ensures that the overall cost of living in Lima is 21 percent cheaper than in most American cities.
Lima is an evolving city, expanding on its historic industries and creating new avenues for growth. For those looking to buy a home, Lima is an ideal location. In addition to the city’s access to Interstate 75 and excellent healthcare and higher education, home prices are extremely affordable. These low home prices provide ample opportunity for homeownership as well as a remarkably affordable cost of living. Several nice neighborhoods throughout the region, including the West End and American Township, offer picturesque settings for a comfortable life in Lima.