Rent to Own Homes in Monroe
The below results are primarily rent to own homes in Ouachita Parish, LA:
Monroe, Louisiana is one of the largest cities in the Pelican State with a municipal population of approximately 50,000 residents. The Monroe Metropolitan Statistical Area includes Quachita and Union parishes and is home to more than 170,000 people. Situated along the I-20 corridor roughly 100 miles east of Shreveport, Monroe is the eighth-largest city in Louisiana. The city is bordered on its western side by the Quachita River. On the other side of the river sits West Monroe, and these two locales are often referred to as the Twin Cities of Louisiana.
Founded during the early years of the 19th century, Monroe still reflects the atmosphere of a quiet river settlement. The historic buildings and churches of downtown Monroe retain their French-inspired style of architecture which helps to blend the old-world elegance of Louisiana culture with the city’s more modern structures. Monroe is home to many attractions including the Louisiana Purchase Gardens and Zoo and also hosts events such as the Miss Louisiana pageant. The Monroe Metro area has been home to many notable businesses and corporations throughout the years including Delta Airlines and was one of the first cities to bottle Coca-Cola.
The Monroe City School System is operated independently of the Quachita Parish School System and boasts multiple campuses which are regularly ranked among the best in the state, making Monroe an attractive locale for couples with children. The Monroe Regional Airport is serviced by three major airlines and provides connecting flights to other cities in Louisiana, Texas, and Georgia.
Buying a Home in Monroe
Approximately 8,400 residents of Monroe own their own homes, accounting for just 39.6% of the Monroe population. This creates a great opportunity for those interested in buying a home in Monroe. The median home price is just above $125,000, and most homes here are relatively modern. 83% of the homes in Monroe were constructed after 1990, and more than half of them have three or more bedrooms.
The city has just over 21,000 housing units with roughly 742 of them per square mile. This density provides a small-town atmosphere where neighborhoods are tight-knit and friendly. One-third of the homes in Monroe are occupied by families with children under the age of 18.
Popular Neighborhoods in Monroe
Those who appreciate a little space between themselves and the 24/7 bustle of the city will love Monroe’s Millhaven neighborhood. This quiet rural area is occupied by a majority of married couples in the 45-64 year-old age bracket. The median price of a home in Millhaven is also considerably lower than that of a home in the city proper, and most of the residents here own their homes.
For those who prefer more upscale surroundings, the Lexington Avenue/Loop Road neighborhood has many older homes that have a median price substantially higher than homes in other neighborhoods. Most of the homes here were built between 1940 and 1969 and are occupied by married couples. This Monroe neighborhood is walkable and in close proximity to a number of retail establishments. It is also one of the safest neighborhoods in Monroe with crime rates being lower than than the overall city average.
Buying vs. Rent to Own Homes
Even though Monroe has a thriving housing market with median prices lower than the national average, sometimes it can be difficult for first-time homeowners to secure financing. A rent to own home in Monroe lets home buyers apply most or all of their monthly rental costs to ownership without having to jump through the hoops of qualifying for a traditional mortgage. When one considers that the average monthly cost of a rental unit in Monroe is $612, a rent to own home can be a good fiscal decision.
Cost of Living in Monroe
The Monroe Metropolitan Statistical region has a cost of living index that is 13% lower than the rest of the United States and 4% lower than that of Louisiana, with groceries, goods and services, healthcare, and utilities all costing less than they do nationwide. Most encouraging, however, is that housing in Monroe ranks 30% lower than the national index. Homes in Monroe are also 12% lower than the average cost of a home in Louisiana.
This thriving metropolitan area that takes its name from a paddle-wheeler named after James Monroe, the fifth President of the United States, is a mix of modern convenience and 19th century grandeur. With its vibrant business community, numerous local attractions, and scenic placement on the banks of the Quachita River, Monroe is city that will appeal to married couples and singles alike. Boasting one of the best local housing markets in Louisiana, Monroe offers many options for affordable housing.
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
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
Reported Annual Crime In Monroe