Rent to Own Homes in Portland
Part of the Nashville Metropolitan Statistical Area, Portland is home to about 12,000 residents, according to 2013 estimates by the United States Census Bureau. The city is about... Read More
Part of the Nashville Metropolitan Statistical Area, Portland is home to about 12,000 residents, according to 2013 estimates by the United States Census Bureau. The city is about 40 miles north of Nashville, and the city boundary stretches to the Tennessee-Kentucky border. It’s about 30 miles to Bowling Green, 55 miles to Mammoth Cave National Park, and 140 miles to Louisville.The below results are primarily rent to own homes in Sumner County, TN:
Part of the Nashville Metropolitan Statistical Area, Portland is home to about 12,000 residents, according to 2013 estimates by the United States Census Bureau. The city is about... Read More
Part of the Nashville Metropolitan Statistical Area, Portland is home to about 12,000 residents, according to 2013 estimates by the United States Census Bureau. The city is about 40 miles north of Nashville, and the city boundary stretches to the Tennessee-Kentucky border. It’s about 30 miles to Bowling Green, 55 miles to Mammoth Cave National Park, and 140 miles to Louisville.The below results are primarily rent to own homes in Sumner County, TN:
The oldest local settlement in Portland, founded in 1792, is a few miles to the south. Eventually it included a mill, tobacco factory, post office, L&N Railroad depot, and a few retail stores. The L&N Railroad opened the Nashville-Bowling Green route, which ran right through the center of Portland. It still does today, and this railroad and the depot that was built there are the reason Portland exists today.
The town was originally called Richland, but there were two towns by that name in Tennessee. This caused confusion for both the railroad and postal service, so in 1888, Richland became Portland. It was incorporated in 1904.
Buying a Home in Portland
Portland is growing at a fast pace because of its proximity to Nashville. Recent home listings range from $64,500 to $575,000, although the median price of a home is holding at about $138,000. This is 26 percent below the national average. It’s a good time to think about buying a home in Portland; with the expanding Nashville Metropolitan Area, prices are likely to go up. Overall, the cost of living in Portland is about 13 percent below the national average. The median household income is about $51,000.
There are eight schools within Portland’s limits, including five elementary schools, two middle schools, and Portland High School. GreatSchools rates these schools differently, so families with school-aged children should do some investigating before settling on a neighborhood.
Popular Neighborhoods in Portland
The Graball/Oak Grove area, on the east side of the city, has a lot to offer. It’s made up of large- and medium-sized single-family homes, and most of the residential real estate is owner occupied. The median home price is about $226,000. And the homes are generally not old; many were built after 1970. It’s an upper-middle income neighborhood.
On the west side is the Route 52/College St. neighborhood. It’s quite similar to the Graball/Oak Grove area. The median home price is a bit less at $192,000. It was rated among the top ten percent of family-friendly neighborhoods in Tennessee. It’s a good area for families with school-aged children and for first-time home buyers.
Buying vs. Rent to Own Homes
Because Portland has the best of both worlds – small town and big city – you may already be thinking about moving there. But buying a home can be a complicated process. If you’re not quite ready for that leap, have you considered a rent-to-own arrangement? A portion of each month’s rent goes toward a down payment to eventually buy the house. It’s easier and doesn’t require a large outlay of cash, and you can look forward to becoming a proud homeowner – without even having to move!
Summary
The beautiful scenery, mild weather, small-town atmosphere, proximity to Nashville, and family-friendly neighborhoods make Portland a good place to call home. Job growth is positive, and projected job growth over the next ten years is projected to be an impressive 40 percent. Indeed, Portland has a lot to offer, both today and on into the future.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
Rent to Own Labs offers free listings for rent to own by owner, foreclosed homes and owner financed properties. Start looking for apartments or houses near me with the Rent to Own Labs search function.
These programs are a great way to buy a condo or townhouse if you have bad credit. In fact, lease purchase and rent to buy programs usually offer cheap homes with no credit check. Just make sure you look at your lease to purchase agreement to understand whether you have the option or obligation to buy the home you’re looking at. Lease-purchase agreements require the buyer to purchase by the end of the lease term, while lease-option agreements give the buyer the option to buy.
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