Rent to Own Homes in Muskegon
The Muskegon community benefits tremendously from a wide range of employers. Some of the Muskegon area’s top employers include Muskegon Correctional Facility, ADAC Automotive, SAF-Holland and Eagle Alloy. Locals are prepared for jobs in these and other companies in the area's educational system that includes Muskegon Public Schools and Muskegon Catholic Central High School. Locals enjoy access to higher education, too, with Baker College, Muskegon Community College and Great Valley State University maintaining campuses in town.
Buying a Home in Muskegon?
If you’re looking to buy a home in Muskegon, now is a good time since prices are still affordable and inventory is plentiful. The average selling price of a home in Musekgon County is $132.837, which is about 9 percent higher than the previous year. Overall, new listings have dropped by a little more than 5 percent to less than 3,000 for the year countywide. Still, there are a variety of homes available, so even first-time homebuyers and financially strapped purchasers should be able to find many options.
Popular Neighborhoods in Muskegon?
Some of the city’s most popular neighborhoods are on the West side of town where prices are affordable, the streets are safer and a variety of parks and the lake make fitness fun. The Nims neighborhood, for instance, is full of cozy two-bedroom homes with vintage character. The neighborhood, just west of historic downtown, has an active neighborhood association and homes that range from $45,000 to $90,000. For even more historic flair, consider the grand Victorian homes in downtown Muskegon. Living in downtown puts you just steps from the city’s entertainment, arts scene and bountiful festivals. For a more suburban neighborhood, nearby North Muskegon is a favorite. Homes here have a little something for everyone, from budget-friendly bungalows for $83,000 to spectacular lakefront estates costing $2.5 million.
Buying vs. Rent to Own Homes?
There are many advantages to choosing a less conventional path to homeownership. Compared to conventional methods, rent to own homes offer more relaxed credit requirements and more flexibility on purchase terms. In many cases, the rent-to-own contract period lasts one to three years. During this time, renter-owners pay monthly rent with an additional small premium that eventually goes toward the purchase price. At the end of the contract period, buyers finalize the purchase by coordinating a mortgage. This simpler, but longer process gives homebuyers time build up a down payment, improve credit ratings and find a mortgage.
Cost of Living in Muskegon?
Living comfortably in Muskegon is terrifically affordable, thanks mostly to low housing costs. For every dollar that most American spend on housing, Muskegon homebuyers pay just 34 cents. Groceries and utilities are also more economical in Muskegon, costing 2 to 5 percent less than the national average. Health care costs are slightly higher than average, but they’re only 4 percent more expensive than in most other U.S. towns. Overall, these savings ensure that Muskegon residents spend about 22 percent less on all living expenses than the national average.
It’s often easier to live happily when recreation and culture are widely available and living costs are low. Muskegon satisfies all these requirements, filled with ample lakes, rivers and creeks. In fact, Field and Stream named the Muskegon River one of the country’s best rivers for fishing. There’s plenty to be happy about when it comes to the city’s remarkably low cost of living too. Daily necessities cost locals only 78 percent of the national average, and housing is even cheaper at 34 percent. Further spurring a local renaissance, employment in the area is growing, and area neighborhoods like downtown Muskegon and Nims are beaming with community spirit.
Summary
It’s often easier to live happily when recreation and culture are widely available and living costs are low. Muskegon satisfies all these requirements, filled with ample lakes, rivers and creeks. In fact, Field and Stream named the Muskegon River one of the country’s best rivers for fishing. There’s plenty to be happy about when it comes to the city’s remarkably low cost of living too. Daily necessities cost locals only 78 percent of the national average, and housing is even cheaper at 34 percent. Further spurring a local renaissance, employment in the area is growing, and area neighborhoods like downtown Muskegon and Nims are beaming with community spirit.
Rent to Own Realtors
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
About Our Listings
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.
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