Rent to Own Homes in Portland
The below results are primarily rent to own homes in Multnomah County, OR:
Portland , OR 97201
1 Bedrooms, 1 Baths
Portland , OR 97211
3 Bedrooms, 1 Baths
Portland , OR 97217
1 Bedrooms, 1 Baths
Portland , OR 97225
2 Bedrooms, 1 Baths
Portland , OR 97211
Portland , OR 97202
2 Bedrooms, 2.5 Baths
Portland , OR 97214
3 Bedrooms, 2 Baths
Happy Valley , OR 97086
Happy Valley , OR 97086
Damascus , OR 97089
3 Bedrooms, 3 Baths
Portland , OR 97215
3 Bedrooms, 1.5 Baths
Situated between the Columbia River and Willamette River with a coast touching the North Pacific Ocean, Portland, Oregon is possibly one of the most active cities in the United States. The city streets in downtown Portland feature mile after mile of bike lanes, and residents are more likely to pedal their way to work than drive. Sandy beaches entertain sunbathers and attract surfers on the Pacific coast, and the area near the Columbia River offers extensive hiking trails and spectacular waterfalls. When it’s snow time, Mt. Hood provides multiple ski areas for winter fun.
While you have to adjust to the extraordinary amount of rain that falls in Portland city, you will also enjoy the abundance of jobs available in the technology field. Many big corporations currently maintain headquarters here, including Nike and IBM. New hires and hopefuls are flying into Portland International Airport routinely, and new positions are opening just as fast. Students are also attracted to Portland State University because there are so many things to do on weekends.
Buying a Home in Portland
It’s important to go over your finances in great detail and determine your maximum budget for housing before you even start looking at homes in Portland. This is a difficult market for those shopping on a budget because homes in the most desirable neighborhoods go for prices that are often prohibitory to many even when they’re in need of significant repair. More affordable homes don’t sit on the market long, so you need to have your finances in order and strike fast.
Some neighborhoods in Portland offer only apartments and condominiums. If you’re interested in a single-family home, you’re neighborhood options are limited. If you want some acreage with your home and room between your home and the neighbor, your options are even more limited. It’s common for buyers to dig deep in order to increase their maximum buying price once they see the going price of homes in the best neighborhoods.
Popular Neighborhoods in Portland
Downtown Portland is one of the most popular living areas because it’s the central hub for businesses big and small. You can easily use your bike and the excellent public transportation system to get around, and that’s preferable because Portland drivers are notorious for bad behavior on the road. From the famous Powell’s Books in the Beaverton neighborhood to endless lines of food trucks and a variety of microbreweries and restaurants, this is a fun city that offers outdoor amusement year round. If you want to ditch your personal car, this is the area to call home.
If you’re interested in a suburban community removed from the city, Lake Oswego is one of the more exclusive options. While buses to downtown Portland are available, you’ll want to keep your car when living in this area. Homes range from mid-market prices suitable for middle class buyers to million-dollar homes overlooking the lake. If you can afford the neighborhood, you’ll enjoy excellent schools and a well-kept environment.
Buying vs. Rent to Own Homes
It’s more difficult to get a home loan today than in years past, especially if you don’t have perfect credit. If you’re struggling to pay student loans, you may think that renting is the only option for you right now. Yet, there is one option that you may have not considered yet: rent-to-own agreements. These contracts allow you to move into a home as a renter with the expectation that you will buy the home by a certain date. The terms vary, but this gives you a number of years to work on your credit, save for a down payment or pay down those student loans. The downside is that not every home offers this contract option, especially in a highly competitive market like Portland.
Cost of Living in Portland
Housing prices in Portland are significantly higher than national averages. They’re also higher than state averages, so you will pay more for housing here than you would elsewhere in Oregon. You can also expect to pay more for healthcare and transportation than you would pay elsewhere, but utilities and groceries tend to equal national averages. The overall cost of living isn’t as high as it is in some other large cities throughout the U.S., but you do have to prepare for the higher expenses if you’re relocating from a cheaper city.
Portland is a rainy city with more overcast days than sunny days, but it’s also an active city with bike lanes trailing throughout the downtown area and walking trails in most neighborhoods. You have access to beaches on the North Pacific coast, waterfalls and hiking trails around the Columbia River and ski areas reserved at Mt. Hood. Whether you move into an exclusive suburb with tree-lined streets or stick to the excitement of downtown, this is a city that will keep you on the move.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
Rent to Own Labs offers more than free listings for rent to buy houses.
Our website also includes real estate owned properties, which are bank-owned foreclosed homes that didn’t sell at auction. You can buy these types of properties for cheap prices because the bank isn’t in the business of real estate; it’s just looking to get rid of the condo, townhouse, etc. that it has on the book.
Sellers directly list rent to own by owner apartments and houses as lease-option or lease-purchase programs with no credit check. On lease to purchase contracts, the buyer is contractually obligated to buy the home, and on lease to own contracts, the buyer is financially motivated. It doesn’t matter to the seller if you have a bad credit score because they know you have a lot at risk if you don’t buy the home you’re renting to own.
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Reported Annual Crime In Portland