Rent to Own Homes in Pasadena

As part of Harris County, Pasadena is part of the Houston – The Woodlands – Sugar Land Metropolitan Statistical Area of 5.6 million people. The Pasadena City Council ensures that residents are provided with the services they need, from police services and the largest volunteer fire department in the U.S. to the Pasadena Public Library and the Clear Lake Water Front. The State Historical Association also does its part to help preserve the city’s historic buildings and sites.

Buying a Home in Pasadena

Pasadena’s housing market is selling at a much faster pace than last year, with houses selling within 35 days currently. That’s a dramatic drop from last years pace that had homes selling within 67 days on the market. Meanwhile, new listings only increased slightly during the same time frame, causing the region’s housing inventory to decrease from 5.6 months to 4.2 months. The median home sales price in Pasadena rose from $110,000 to $127,000 in a one-year period, but the number of homes sold only increased marginally.

Popular Neighborhoods in Pasadena

The homes around Bay Area Boulevard offer larger lots and more exclusive designs that appeal to a more discerning home owner. The median price for a Bay Area Boulevard home is $353,127. Golden Acres offers more of a family, rural atmosphere with large, wooded lots and older, comfortable houses. Families enjoy the neighborhood’s recreation center and convenient access to downtown. Homes in Golden Acres have a median list price of $130,000 and a median sold price of $126,000. For those who prefer proximity to the Johnson Space Center, Clear Lake City is ideal. Many engineers and other professionals reside there, enjoying homes with a median list price of $375,000 and a median sold price of $193,000.

Buying vs. Rent to Own Homes

Rent to own homes provide home buyers with several advantages over conventional home-purchase methods. With rent to own homes, buyers don’t make a down payment upfront or coordinate a mortgage right off the bat. Buyers do pay a smaller option fee and make monthly rent payments that eventually can be credited to the eventual down payment. Rent to own homes also allow buyers to move into the property right away instead of waiting for escrow to close. Buyers also gain a price advantage if home prices go up during the rent-to-own period, because buyers are paying the price negotiated at the start of the contract.

Cost of Living in Pasadena

Pasadena residents enjoy a very low cost of living, paying just 83 percent of the national average overall. Housing is Pasadena’s cheapest expense, costing 40 percent less than in the rest of the nation. Groceries are also an affordable 16 percent cheaper than the country’s average, and healthcare, utilities and transportation cost 1 to 6 percent less.

Summary

Buoyed by the nearby presence of NASA Johnson Space Center and the Houston Ship Channel, Pasadena is an appealing mix of working-class, white-collar and college-student residents. Locals enjoy a diverse collection of homes, from historic houses on shady lots to newer residences in neighborhoods with amenities like recreation centers. Home prices are increasing in Pasadena, but they are still extremely affordable. These affordable housing costs lead to an overall cost of living that is very low.