Rent to Own Homes in Palm Bay
The below results are primarily rent to own homes in Brevard County, FL:
Palm Bay Florida is located along the shores of the Indian River, just south of the Melbourne International Airport and the Florida Institute of Technology. Melbourne Beach is approximately eight miles away, and it takes less than 20 minutes to travel across the Melbourne Causeway to reach the sandy shores of the Atlantic Ocean. Turkey Creek runs through the city from the edge of Palm Bay, leading to recreational areas like the AIS Trail Park and the Palm Bay Regional Park.
If you dream of living in the sunshine, this is one Florida city that can deliver through most of the year. While the summers are incredibly rainy and humid, the winter months bring cool weather with the occasion blast of cold air. You can still enjoy a walk on the beach or along the river during any month of the year due to the mild climate of Palm Bay city. This climate makes this one of the most desirable regions of the United States for vacationers and full-time residents.
With a small town vibe and friendly community, Palm Bay is an excellent place to call home. Residents enjoy easy access to shopping, dining and entertainment opportunities along Palm Bay Road, and the local government goes to great lengths to maintain a pleasant, safe living environment. For instance, many of the city’s dirt roads are maintained through the Palm Bay Road Maintenance District project.
Buying a Home in Palm Bay
The real estate market in Palm Bay is intense because there aren’t a lot of homes on the market at any given time. While some surrounding cities may feature hundreds of homes for sale any month of the year, this small city often has fewer than 50 on the market. If you’re interested only in luxury homes or properties in move-in condition, then you may have even fewer options. Even with this competitive environment, you can expect median listing prices close to $350,000. Bidding wars are common, so the median sales price is often closer to $400,000.
Popular Neighborhoods in Palm Bay
While you can find some nice communities located near the shoreline, most of the popular Palm Bay neighborhoods are located toward the western end of town. Some of the best schools are located near the northwestern edge of the city, and those neighborhoods typically have lower crime rates as well. You can expect median real estate prices under $130,000 with neighborhood vacancy rates of approximately 15 percent. You can find many large homes with four or more bedrooms at affordable prices in this area of town.
If you want to find the most affordable neighborhoods in Palm Bay, look closer to the water. While the prices drop below $100,000 in this area, the crime also rises significantly.
Buying vs. Rent to Own Homes
A rent-to-own home allows you to rent a Palm Bay house today with the opportunity to become a homeowner one day in the future. While you’re in the rental phase of the contract, the current owner may continue to cover the cost of maintaining the property and repairing damage as necessary. You can use this time to save up for a larger down payment or to improve flaws on your credit report so that you eventually enter into a more affordable mortgage agreement. When you’re ready to end the rental period and declare yourself a homeowner, you purchase the property and officially call it home.
Cost of Living in Palm Bay
While citizens around the U.S. are struggling to pay inflated housing prices and keep their vehicles in proper working order, Palm Bay residents are more likely to consider food and other everyday items the most expensive part of their budgets. The housing index is nearly half the value of the national average, so even the largest homes in the best neighborhoods are a fraction of the cost of comparable homes in other U.S. cities. This drives the overall cost of living down to approximately 10 percent lower than the national average.
As if living fewer than 20 miles from the sunny Florida coastline wasn’t enough, Palm Bay offers residents one of the most affordable housing markets in the United States. Homes typically sell for 50 percent less than the price of comparable homes in neighboring cities, making this an excellent place to live if you have a tight budget. While the climate offers warm weather year round, you can expect a lot of rain and humidity in the summer with occasional fronts of cold air in the winter.
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
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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