Rent to Own Homes in Russellville
Russellville is the county seat of Pope County, principal city of the Russellville Micropolitan Statistical Area, and home to about 29,000 residents. The Arkansas River and Lake Dardanelle form the southern and western boundaries of the city. It is a great location for nature lovers, as it is equidistant between Ozark National Forest and Ouachita National Forest. The state capital of Little Rock is the closest big city at about 70 miles away.The below results are primarily rent to own homes in Pope County, AR:
Russellville is the county seat of Pope County, principal city of the Russellville Micropolitan Statistical Area, and home to about 29,000 residents. The Arkansas River and Lake Dardanelle form the southern and western boundaries of the city. It is a great location for nature lovers, as it is equidistant between Ozark National Forest and Ouachita National Forest. The state capital of Little Rock is the closest big city at about 70 miles away.The below results are primarily rent to own homes in Pope County, AR:
As was true of most small- to mid-sized communities in America during the 19th century, farming was the main occupation. Toward the turn of the century, coal mining became an important industry, which had all but been replaced by strip mining by the 1950s. The early 20th century saw a robust cotton industry there as well.
Buying a Home in Russellville
The median home cost in this Midwestern city is approximately $112,700, which is an impressive 39 percent below the national average. About 57 percent of the residential properties are owner occupied. Current home listings range from $57,200 to $574,900. Home value has appreciated nearly 12 percent over the past ten years. The overall cost of living is over 14 percent below the national average.
The median household income for the city is $36,360, and the median age is 29.5. Approximately 44 percent of the population is married.
The city is served by the Russellville School District, which includes seven elementary schools, a middle school, junior high school, and Russellville High School, which has been operating since 1893. Arkansas Tech University (formerly Arkansas Polytechnic College) is also located in Russellville, which has one of the highest graduation rates in the state.
Popular Neighborhoods in Russellville
Six constituent neighborhoods make up Russellville and its environs. The western section, which borders Lake Dardanelle, is the Marina Rd/Barborek Ln. neighborhood. The residential real estate is comprised mainly of small- to medium-sized single-family homes and apartment complexes, and most is owner occupied. Many of the residences were built after 1970. A high concentration of married couples makes this middle-income neighborhood quite family friendly. The median home cost is about $226,800.
Just to the east is the Norristown neighborhood. The real estate picture is quite similar to that mentioned above, but this area includes more residences built before 1970. It’s a walkable area with a high concentration of college students. The median home cost is $142,500.
Buying vs. Rent to Own Homes
Perhaps you are already thinking about a move to Russellville. But buying a home requires pre-qualification and a large down payment. If you simply don’t have the funds or you think you don’t qualify, have you thought about a rent-to-own arrangement? A portion of each month’s rent is applied toward a down payment, which accrues over time. Eventually, you have enough to buy the home. It’s a convenient way for renters to become proud homeowners.
Summary
If you love being near the water, then Russellville is the place for you. The Arkansas River and Lake Dardanelle offer plenty of it, and boating, hiking, fishing, camping, and picnicking opportunities are practically in your backyard. The low cost of living, good schools, and family-friendly neighborhoods make Russellville an attractive place to call home.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.
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