Rent to Own Homes in Muncie
The Muncie Downtown Development Partnership has transformed the downtown area in the 21st century, creating a safe environment that champions small businesses. IU Health Ball Memorial Hospital and the university are two of the city's main employers, but jobs are also available through the Muncie Community Schools District and companies like Navient and Meridian Services. Many residents work in retail as well.
Residents of Muncie are served by the Muncie Indiana Transit System, which includes more than 10 routes covering most areas of the city. They also benefit from programs presented by the Muncie Art Association and local news reported through the Muncie Evening Press. Add a diverse housing market with many affordable homes, and you see why so many people call Muncie home.
Buying a Home in Muncie?
The median listing and sales prices for Muncie homes are well below $100,000. This is one city that boasts hundreds of homes on the market at any given time, and it's not difficult to find properties that suit even a modest housing budget. It's common for buyers to pay $50 per square foot or less, though some of the more popular neighborhoods may demand a bit more of an investment. While looking at cheap homes in Muncie, keep in mind that they aren't always in move-in condition.
Popular Neighborhoods in Muncie?
One of the most popular neighborhoods in Muncie is a small community known as Andersonville. It's located on the western edge of the city, positioned west of the Ball State University campus between Westview Boulevard and McGalliard Road. The median real estate price for homes in this area can get close to $150,000 at times, and it's an established community with most homes built prior to 2000. There are few rental properties in this neighborhood, and the vacancy rate stays below 5 percent most of the time.
If you're interested in homes selling for less than $100,000, look at the neighborhoods in the center of the city. While the crime rates are a bit higher in that area, the real estate prices are also significantly lower.
Buying vs. Rent to Own Homes?
Do you hope to purchase a home in Muncie within the next three to five years? If so, you may want to move into a rent-to-own home in the short term. You don't have to secure pre-approval or pre-qualification before entering this type of contract because you're considered a renter at first. You have the right to purchase the property at a pre-designated price before the end of the contract, and you don't have to worry about other buyers making offers on the property while you're in the rental phase. This is a good option to consider if you're in the process of preparing to buy a home.
Cost of Living in Muncie?
The housing index in Muncie is known to fall more than 50 percent below the national average, and you can expect to pay at least 20 percent below average for most goods and services. This creates an affordable cost of living that allows even those with modest incomes to live comfortably. This is especially true if you carefully budget food and everyday goods and services in order to spend a bit more on housing.
Muncie Indiana is located less than 100 miles from Dayton, Ohio, and a short drive away from Indianapolis and Fort Wayne. As home to Bell State University, the city was once named one of the most affordable cities for college students. It also attracts many families in search of safe neighborhoods served by quality public schools. Jobs are available through the local transit system, school system and hospital, and a couple large companies call the city home. The downtown area has been revitalized and now features a variety of small businesses and restaurants.
Summary
Muncie Indiana is located less than 100 miles from Dayton, Ohio, and a short drive away from Indianapolis and Fort Wayne. As home to Bell State University, the city was once named one of the most affordable cities for college students. It also attracts many families in search of safe neighborhoods served by quality public schools. Jobs are available through the local transit system, school system and hospital, and a couple large companies call the city home. The downtown area has been revitalized and now features a variety of small businesses and restaurants.
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
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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