Rent to Own Homes in Norman
Norman, Oklahoma was founded in the 1870s when a man named Abner Ernest Norman moved into the area with orders to survey Oklahoma Indian territory. Under his charge, this region was nicknamed “Norman's Camp” and later became the city of Norman. Today, you will find the city in the center of Oklahoma, approximately 20 miles south of Oklahoma City. The below results are primarily rent to own homes in Cleveland County, OK:
Norman, Oklahoma was founded in the 1870s when a man named Abner Ernest Norman moved into the area with orders to survey Oklahoma Indian territory. Under his charge, this region was nicknamed “Norman's Camp” and later became the city of Norman. Today, you will find the city in the center of Oklahoma, approximately 20 miles south of Oklahoma City.
This southern region of the United States was in a state of fluctuation when Abner Norman came to this central Oklahoma town, and today's city is still undergoing its fair share of change. Due to a revitalization plan for downtown Norman, the area is guaranteed to change significantly through year 2020, but the Norman City Council is still working hard to ensure that residents continue to enjoy the natural landscapes that bring many people to the state.
You may consider making Norman your home if you want to attend the University of Oklahoma, but this is also a great place to raise a family or find a new job. You can spend time in the wild outdoors by visiting Lake Thunderbird State Park or take your family to the Sam Noble Oklahoma Museum of Natural History. Play with dangerous animals at Andy Alligator's Fun Park. Test your luck at the Riverwind Casino. Become one with nature at Discovery Cove. There's always something fun to do in Norman.
Buying a Home in Norman
The median listing price for homes in Norman often rests around $200,000, and you won't struggle to find affordable foreclosure homes that may sell for considerably less. When purchasing foreclosure homes, it's important to consider the cost of renovations and the time that it may take to get the property in move-in-ready condition. There are many affordable homes that you can move into right away, so foreclosures aren't always the best option when your budget is limited.
If you're moving into town with your family, make sure to pay attention to the communities that feature neighborhood parks and schools with many glowing reviews from Norman parents. There are nearly 10 high schools and more than 20 elementary and middle schools in the city, and many of these schools are in desirable neighborhoods with medium to large homes. It's important to match the neighborhood to your budget so that everyone is happy with your new house.
Popular Neighborhoods in Norman
To find one of the most desirable regions of Norman, travel to the western border of the city. The neighborhood west of I-35 and south of West Indian Hills Road is home to some of the best public schools. This is also an area with low crime and vacancy rates, and most of the community consists of owner-occupied property. Median listing prices are under $300,000, but most homes sell quickly when they hit the market.
If you're shopping on a tight budget but still want to find a safe neighborhood, go to the eastern edge of the city around Lake Thunderbird State Park. This is the Little Axe neighborhood, and the home prices are closer to $100,000 in the area. The vacancy rate is still quite low, and you benefit from a community that is mostly owner-occupied.
Buying vs. Rent to Own Homes
You're probably familiar with the traditional home-buying process, but what about nontraditional rent-to-own contracts? This is an innovative home-buying option that allows you to move into your new home before you buy it. The current owner will often continue to pay for basic maintenance while you settle into the property and make sure that it's the right location for your household.
When you're ready, you take the right steps to secure a mortgage loan and take over as the homeowner. There is typically a date by which you must take this step or you will have to move out of the home to give another future buyer a chance. If you're still saving up for your down payment but want to move right away, this is an option that may beat the traditional home-buying process.
Cost of Living in Norman
In 2014, Norman, OK, was named the second most affordable city in the United States. You can expect to pay less than national averages for all goods and services as well as for housing, utilities and transportation. The housing index often falls close to 20 percent lower than the national average, and the cost of healthcare is notoriously low.
Summary
The incredibly low cost of living and affordable housing prices may put Norman, Oklahoma, on your radar, but it's the beautiful landscapes and tight-knit communities that may convince you to stay for a lifetime. There are many quality public schools in the area, and even the most desirable and safest neighborhoods regularly feature homes selling for under $200,000. Whether you dream of purchasing a country home surrounded by open land or you want to live in the newly revitalized downtown area, Norman has the right home for your lifestyle and your budget.
Rent To Own Labs provides a diverse set of real estate listings, including rent to own (“lease to own” or “lease purchase”), owner financing, foreclosed, for sale by owner, and rental home opportunities. These listings are available to low-income residents and those with bad credit or no credit, and include both condos & houses. Rent to own homes near me include the list of zip codes we serve in this area:
- 73019
- 73070
- 73026
- 73069
- 73071
- 73072