Rent to Own Homes in Pittsburgh
It’s not all industry and learning in the Pittsburgh area though. Locals enjoy cheering on the Pittsburgh Steelers, exploring wildlife at Pittsburgh Zoo and PPG Aquarium and strolling the Three Rivers Heritage trail. With all of its many cultural, recreational and business interests, it’s understandable that Pittsburgh is frequently ranked one of the best US places to live.
Buying a Home in Pittsburgh?
Pittsburgh area house hunters have many options with the real estate market’s 4,490 homes. The city’s average home sells for $174,024, well below the Pennsylvania average of $202,478, and the U.S. average of $302,279. Although the number of foreclosures in Pittsburgh decreased 37 percent over the last year, about 1,488 properties in the area are in the foreclosure process, according to RealtyTrac. These distressed properties offer good opportunities for home buyers at their median sales price of $25,000.
Popular Neighborhoods in Pittsburgh?
Locals looking for good schools and safe neighborhoods outside the city’s hustle and bustle might prefer the suburbs of Peters Township or Mt. Lebanon’s Virginia Manor, but there are plenty of wonderful neighborhoods within the city limits. Established families and professionals enjoy the walkability and prestige of Shadyside, once known as Millionaire’s Row. It still boasts beautiful homes and some famous residents as well as nice apartments for up-and-comers. Nearby, Highland Park is equally attractive but more affordable for renters and home buyers, with the homes selling for an average of $229,561. Singles, couples and young professionals also enjoy the Italian eateries, row houses, convenient location and affordability of Bloomfield.
Buying vs. Rent to Own Homes?
Buying a home in Pittsburgh has plenty of rewards, and renting to own a property is often a good way to achieve that goal. Since most rent-to-own contracts cover a period of one to three years, buyers gain a little extra time to build up a downpayment or credit score while buying the home at today’s home prices. While buyers will pay an option fee at the beginning of the contract period, the option fee is usually smaller than a downpayment and can sometimes be credited to the purchase price.
Cost of Living in Pittsburgh?
Enhancing Pittsburgh’s many charms is its very affordable cost of living. Overall, locals pay 16 percent less on essentials than the national average. On nearly all measurements, Pittsburgh expenses are less than the norm. Housing is less than half the cost of other towns’ housing, healthcare is 7 percent cheaper and utilities are about average. Groceries and transportation are slightly more expensive, costing locals 4.7 and 10 percent more than the national norm. Even with those higher living costs, the city’s remarkably low housing prices keep overall costs low.
A melting-pot of ideas, industries and cultures, Pittsburgh is one of America’s most desirable places to live. Its attractiveness is partly due to its abundance of affordable homes and economical rent prices across a broad range of neighborhoods. Life has an urban feel in the city center, but plenty of outer neighborhoods like the East End have a more suburban flavor. These inexpensive housing options and convenient neighborhoods enhance the city’s affordability. Locals can expect to spend only 84 cents for every dollar most Americans spend on living expenses.
Summary
A melting-pot of ideas, industries and cultures, Pittsburgh is one of America’s most desirable places to live. Its attractiveness is partly due to its abundance of affordable homes and economical rent prices across a broad range of neighborhoods. Life has an urban feel in the city center, but plenty of outer neighborhoods like the East End have a more suburban flavor. These inexpensive housing options and convenient neighborhoods enhance the city’s affordability. Locals can expect to spend only 84 cents for every dollar most Americans spend on living expenses.
Rent to Own Realtors
Working with a realtor doesn’t guarantee that you will successfully complete a rent to own deal, but their knowledge and expertise can make a big difference in your success rate.
Unfortunately, not many realtors will want to work with you on a rent to own deal. There isn’t a lot of profit for a realtor in rent to own deals.
So, you’ll need to find others with the knowledge and expertise you are looking for to ensure a successful lease-option experience. Consider consulting with a realtor, a title company and a mortgage officer instead. These professionals are better than a realtor because they are experts in their respective fields, as opposed to realtors who know a good deal about each of those rent to own factors.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
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