Rent to Own Homes in Long Beach
The below results are primarily rent to own homes in Los Angeles County, CA:
With 469,428 residents and a prime location on California’s southern coast, Long Beach is both urban and laid-back. Busy Downtown Long Beach is right on the shoreline, overlooking some of the city’s most legendary attractions, including the renowned Aquarium of the Pacific and the dynamic Long Beach Convention Center. Just across the narrow Queensway Bay are the historic Queen Mary and the massive container ships heading into Port of Long Beach, the United State’s second busiest shipping port.
As part of the Los Angeles metropolitan area, locals have access to world-class education, transportation and entertainment, but they can find it all right here too. Long Beach State is recognized as a top university by Time, U.S. News & World Report and Princeton Review, and Long Beach City College offers one of the most-recognized community college athletics programs in the state. For recreation and entertainment, the city’s Sea Festival, Grand Prix race, Pride Festival and Long Beach Congressional Cup sailing race are among the country’s best.
Buying a Home in Long Beach
With its exciting events, close proximity to Los Angeles and appealing seaside setting, Long Beach real estate is in high demand. The median sale price of a Long Beach home is $480,000, up 6.9 percent in the past year. Supply is down to 2.2 months, and 99 percent of homes placed on the market sell even though the average sale price of a home is $588,640. Condo prices are also on the rise, averaging $356,670. At any given time, Long Beach residents have about 822 homes to choose from, and roughly 366 homes sell each month.
Popular Neighborhoods in Long Beach
Belmont Heights and its beachfront neighbor, Belmont Shore, are known for diverse and historic architecture, wild parrots, a low crime rate and good schools. Not to be outdone, charming Bixby Knolls and its more modestly priced neighbor California Heights offers a welcoming community spirit, quaint homes, inviting shops and historic sites. Elsewhere in the city, established professionals and families with an average $106,395 household income enjoy Naples for its islands of nice homes surrounded by boating canals. Singles, on the other hand, enjoy the cultural events, arts, shops and nightlife found in the 4th Street Corridor, or Retro Row, and East Village neighborhoods.
Buying vs. Rent to Own Homes
Buying a house in a highly desirable community like Long Beach can be difficult. Renting to own a home can be a good way to ease into homeownership by allowing renters to buy at today’s prices but finalizing the purchase in one to three years. This extra time gives potential buyers a chance to repair credit ratings before seeking a mortgage, build up a downpayment and get rid of any debts that may impede the final purchase.
Cost of Living in Long Beach
Unsurprisingly, life in a coveted coastal California town is expensive. Locals can expect to pay 58 percent more for essentials than in the average American city. Housing accounts for the majority of that expense since it’s 162 percent more costly than the national average. Other expenses are more in line with national norms, including heatlhcare, utilities and transportation, costing 11 percent more than the average. Residents pay just 10 percent more for groceries than the average American pays.
With gorgeous views of the Pacific Ocean, access to beach activities, thriving industry and island neighborhoods like Naples, living in Long Beach is the ultimate Southern California experience. Residents pay for this privilege, though, with high home prices and slightly elevated living expenses. In comparison to other Southern California towns, though, Long Beach may actually be a bargain considering that Long Beach rents are 15 percent cheaper than Los Angeles and the median home sales price is $5,000 less expensive.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
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.