Rent to Own Homes in Sacramento
The below results are primarily rent to own homes in Sacramento County, CA:
Covering more than 100 square miles, Sacramento is a rambling city of 485,000 people. The city is the hub of many San Joaquin and Sacramento valley towns that make the Sacramento metro area the fourth largest in California with 2.4 million people. The city has influenced much of California’s development, from its early Gold Rush days to its role as the State Capitol and the government seat of Sacramento County. The city’s captivating history can be explored at Sutter’s Fort and in Old Sacramento along the lush Sacramento River.
The city’s ideal location offers locals a number of benefits. Sacramento is just an hour or two away from San Francisco, Napa, Lake Tahoe and Yosemite National Park. Sacramento is a spirited center of entertainment and recreation in its own right, though, with a dynamic art, music, dance and comedy scene. The city also boasts top-notch educational institutions such as California State University Sacramento, McGeorge School of Law and nearby University of California, Davis.
Buying a Home in Sacramento
Sacramento offers a good mix of home options, from trendy condos to grand custom homes. Home prices fluctuate widely depending on the neighborhood and suburb, but the overall median sales price for a home in Sacramento stands at $293,480. That median price represents a 7 percent increase over the last year. Although about 1,500 homes are sold each month, inventory in the city is down with just 1.6 months of homes-for-sale inventory. About 144 homes come onto the market each month, and homes sell rather quickly within an average of 34 days.
Popular Neighborhoods in Sacramento
Students, young professionals and artists often choose Sacramento’s funky Midtown as their home base. Bordering the city’s dynamic downtown, Midtown is the place to go for fun cafes, intimate concerts, proximity to world-class healthcare and eclectic shops tucked among charming Victorian homes. Professionals who want more space for their money might also enjoy the amenities, mid-century ranch homes and convenience of South Land Park. Boulevard Park is very walkable, and its low crime rate makes it a good choice for families. The city’s suburbs are equally attractive and more rural. Elk Grove and Laguna Lake to the south and El Dorado Hills and Folsom to the east are popular choices.
Buying vs. Rent to Own Homes
If you want to jump into the housing market while prices are affordable, renting to own may be a good choice. Whereas you’ll need a substantial down payment and good credit record to buy a home outright, renting to own relaxes some of the stress-inducing requirements. Instead of a downpayment, you’ll likely owe a smaller option fee that locks in your commitment at today’s price. Lasting one to three years, the rent-to-own contract usually requires that you pay a slightly higher-than-normal rent, and that surplus contributes to your downpayment.
Cost of Living in Sacramento
While living expenses in Sacramento are slightly higher than the national average, the town is an affordable alternative to a number of of other California cities. Overall, Sacramento’s cost of living is 13 percent higher than the national norm, but it is 20 percent lower than the cost of living in nearby San Francisco. Of all expenses, Sacramento’s healthcare costs are closest to the national average at just 2 percent above the average. Utilities, transportation, groceries tend to be 13 to 14 percent higher than the norm.
At a hub of California’s fertile Central Valley, Sacramento is filled with inviting neighborhoods that give the sprawling city a small-town feel. With the State Capitol anchoring downtown and a bustling deep-water inland port keeping local industry vibrant, the River City teems with opportunities. Like most California cities, cost of living and home prices are slightly higher here than in many other American cities, but locals appreciate the plentiful recreation, deep history and charming neighborhoods that make living in Sacramento worthwhile.
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
Lease-purchase programs offer sellers more certainty than traditional rent to buy because buyers are contractually obligated to buy the condo, townhouse or house by the end of the lease term. Normally, rent to own by owner means the buyer has the option to buy and the seller has the obligation to sell.
Lease-options are more convenient for buyers. However, buyers and sellers may work out lease to purchase deals for houses and other properties when the seller is overlooking a bad credit score or a small option fee. The requirement for buyers to purchase properties makes sellers feel more comfortable leasing with no credit check because they don’t have to worry about whether buyers will opt out.
If you’re interested in looking for apartments for lease option, check out our free listings by searching for properties near me. We showcase more than just rent to own. Use our site to find cheap foreclosed homes or owner financing.
Reported Annual Crime In Sacramento