Rent to Own Homes in Saltillo
Lee County was established in 1866, and as early as 1870, when Saltillo was incorporated, there was a population of 148. However, it took over... Read More
Lee County was established in 1866, and as early as 1870, when Saltillo was incorporated, there was a population of 148. However, it took over 100 years for the population to exceed 1,000, which it finally did by 1980. After 1990 growth was more rapid; in 2010 the United States Census Bureau recorded 4,752 inhabitants, and the 2015 estimated population was 5,004. This growth is no doubt connected to the growth of Tupelo, which has seen a 50 percent increase in its population since 1980.The below results are primarily rent to own homes in Lee County, MS:
Lee County was established in 1866, and as early as 1870, when Saltillo was incorporated, there was a population of 148. However, it took over... Read More
Lee County was established in 1866, and as early as 1870, when Saltillo was incorporated, there was a population of 148. However, it took over 100 years for the population to exceed 1,000, which it finally did by 1980. After 1990 growth was more rapid; in 2010 the United States Census Bureau recorded 4,752 inhabitants, and the 2015 estimated population was 5,004. This growth is no doubt connected to the growth of Tupelo, which has seen a 50 percent increase in its population since 1980.The below results are primarily rent to own homes in Lee County, MS:
Saltillo and Tupelo – the birthplace of Elvis Presley – share a boundary. The city itself occupies 8.7 square miles and is close to both the Tennessee and Alabama state lines. Memphis is just over 100 miles to the northwest, and the state capital of Jackson is 200 miles to the southwest.
Just to the northeast of town is Lake Lamar Bruce, a popular place for fishing. The lake was closed and completely drained in 2011 for repairs to the levee, and fish restocking began in 2012. In 2015 it was opened again for fishing. Opening day was May 6; the locals were eager to get back on the lake, and at least 150 boats went out to fish that day.
Buying a Home in Saltillo
Current home listings in this small Mississippi town range from $84,500 to $850,000. The median home price is $146,000, which is over 20 percent below the national average. About 72 percent of the residential real estate is owner occupied.
The median age of Saltillo’s residents is 35.6, and 66 percent of the population is married, making it a good town for young couples and families. The median income for a family is $44,000.
Lee County School District serves the city of Saltillo. There are two elementary schools and a high school within the city limits. The schools are rated well – between 7 and 9 (out of 10) by GreatSchools.
Buying vs. Rent to Own Homes
You may already be considering a move, and Saltillo’s small-town atmosphere and mild southern climate sound appealing. The reality is, however, that getting financing for a home can be a long, difficult process. That is why many are taking advantage of rent-to-own opportunities. A portion of each month’s rent is applied toward a down payment, which can eventually be used to purchase the home. Renters who may not be able to afford a large down payment, or who may not qualify for financing, can still look forward to becoming proud homeowners.
Summary
Saltillo boasts an average high temperature of 52 in January and 92 in July, making it an enjoyable place all year. Tupelo, with a population of about 36,000, offers amenities of the city, but it’s not so big that it encroaches on the peace and quiet of its small northern neighbor. And if you want what the big city offers – dining, nightlife, entertainment, shopping – Memphis is less than two hours away.
Rent to Own Realtors
Using a realtor for your rent to own deal can offer great benefits. Agents are well versed in real estate so they can effectively communicate opportunities and discern which of those opportunities is a legitimately good deal.
Nonetheless, not a lot of realtors will want to help with your rent to own deal because upfront profit for a realtor is minimal and the big payout down the line is not a guarantee.
That means you’ll have to do a little research to ensure that you make the best decisions, but you will save money on commission.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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