Rent to Own Homes in Paterson
The below results are primarily rent to own homes in Passaic County, NJ:
Clifton , NJ 07011
Totowa , NJ 07512
Wayne , NJ 07470
Hawthorne , NJ 07506
Haledon , NJ 07508
Wayne , NJ 07470
Woodland Park , NJ 07424
Woodland Park , NJ 07424
Wayne , NJ 07470
North Haledon , NJ 07508
Paterson , NJ 07522
The Passaic River flows through the western half of Paterson, New Jersey then trails the eastern border of the city before heading south toward New York City. The river provides scenic areas for outdoor recreation enjoyed by residents, including Memorial Park just over the river in the northeastern corner of the city. The park includes a river walk and swimming pool within close proximity to Schmidt Field and Memorial Middle School.
Paterson is also home to the second largest waterfall east of the Mississippi River, the Great Falls of the Passaic River. The waterfall is located in Paterson Great Falls National Historic Park in the northeastern section of the city. The Great Falls Historic District and Cultural Center is located nearby, including a museum that educates visitors about the river. Residents typically visit Mary Ellen Kramer Park or Overlook Park for the best views of the Paterson Falls.
Downtown Paterson is the oldest part of the city, and it’s the best place to go shopping or enjoy one of the area’s finer restaurants. There are some residential communities downtown, but most family-oriented neighborhoods are located more toward the city’s borders in areas convenient to Paterson public schools. The city was named after former New Jersey Governor William Paterson and is now the county seat of Passaic County.
Buying a Home in Paterson
There are approximately 150,000 residents in Paterson, and the median household income is just over $30,000. This is a city of hard-working employees holding jobs in a variety of office settings, and many are in sales and janitorial positions. The median home price is under $300,000 for the city as a whole, but there are some neighborhoods where luxury homes sell for considerably more. There are also some neighborhoods perfect for those shopping on a tight budget, so work closely with a real estate agent familiar with the city’s best neighborhoods.
Popular Neighborhoods in Paterson
The best neighborhoods are located on the outer edges of Paterson. While you can find some of the most affordable housing options toward the city center, you can also expect higher crime rates and lower-quality schools in those areas. One exception is the City Center neighborhood. While the schools aren’t the best in the city, the neighborhood is friendly and features homes in the $350,000 price range..
The two most popular neighborhoods are near Preakness Avenue and Union Avenue in the northwestern corner of the city and near Vreeland Avenue and E. 38th Street in the southeastern corner. Median home prices in both neighborhoods are just over $300,000, and residents enjoy access to parks and schools with reasonable teacher-to-student ratios.
Buying vs. Rent to Own Homes
The traditional home-buying process requires you to work with a bank or another mortgage lender to secure a home loan. You’ll fill out large stacks of paperwork and allow the lender to look into all aspects of your professional and financial life in order to determine how much money you can afford to borrow. That directly impacts your budget when you finally start shopping for a home.
If you’re having trouble with this process and need time to improve your financial standing, consider a home offering a rent-to-own agreement. When you opt into this type of contract, you get to move into the home right away as a renter. You can save up money or improve your credit rating while renting, allowing you to qualify for a lower-interest loan when you’re ready to purchase the property. This is a great option if you want to buy a home now but realize that you’ll qualify for a lower interest rate if you take some time to prepare for the home-buying experience.
Cost of Living in Paterson
The cost of living in New Jersey is approximately 30 percent higher than the national average, and prices in Paterson are reflective of that state average. Home prices are at least 20 percent higher than the national average, and some sources state that they’re as much as 50 percent higher. This is a substantial difference, but the home prices in this city are still about 10 percent lower than the New Jersey average. If you’re moving to the city from other parts of the country, you may experience momentary sticker shock with homes in some of the best neighborhoods, but there are also some neighborhoods where the average home price is around $200,000.
Paterson is surrounded by the Passaic River and is home to some of the largest waterfalls in the eastern United States. These falls are beat in size only by Niagara Falls to the east, and Paterson residents enjoy large parklands surrounding the water. The river provides safe areas for outdoor recreation, but residents also enjoy spending time downtown where some of the best shopping venues and restaurants are located. Housing prices in this city are lower than in many other New Jersey cities, but they’re also a bit higher than the national average.
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
The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.
Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.
You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.
It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.
Reported Annual Crime In Paterson