Rent to Own Homes in Springfield
Quality of life is high in the Springfield area, with many fun festivals and events to keep families, college students and professionals entertained. Lake Springfield alone has 57 miles of shoreline, and the area’s bike trails are legendary for their length and picturesque scenery. Springfield city government does its part to offer useful activities and amenities to residents too. The city is home to 41 parks and 27 public schools, including Springfield High School.
Buying a Home in Springfield?
The residential real estate market in Springfield is gaining ground, and homes are selling at an ever-increasing pace. With inventory down, the number of homes sold in the area is decreasing and prices are rising. Median home prices are currently at $115,000, which represents a 12 percent increase over last year. On average, homes are selling within 71 days, compared to last year’s 86 days. That accelerated pace means that home buyers need to act quickly when they find the home they want. The area’s total housing inventory currently rests at 1,350 homes.
Popular Neighborhoods in Springfield ?
Springfield boasts many active neighborhood associations that bring added value to the experience of living in the city. Collingwood Estates is one such neighborhood, offering a closely knit association, nice homes built in the past few years and home values at about $220,000. If you want to be close to cultural events, restaurants and businesses, Downtown is a good choice. It has a number of spacious loft homes and condominium units that are perfect for retirees, young adults and social families. Homes are also affordable here with an average value of about $99,300.
Buying vs. Rent to Own Homes?
Leave the financial stress of buying a home behind and enjoy the many perks of renting to own your home. With rent to own homes, you don’t need to have a large down payment ready, and you can wait a while on completing loan applications. Instead, you’ll negotiate details with the current homeowner, pay a small option fee to begin the process and move into your new home immediately. Contracts usually last one to three years, and during this time, you’ll pay monthly rent and rent premiums. At the end of the contract period, the option fee and premiums are credited to your down payment, and you complete the financing portion of the purchase. It’s as close to stress-free home buying as you can get.
Cost of Living in Springfield Paying for life’s necessities is a breeze in Springfield, with the overall cost of living 13 percent below the national average. That’s not even the best news though. Housing costs in Springfield are a whopping 35 percent cheaper here than in the rest of the nation, and utilities are 19 percent less expensive. Groceries are a bargain, too, at 10 percent below the national average. The only commodities that exceed the national average are health care, at 2 percent higher, and transportation at 6 percent more expensive. For home buyers just starting out or those who need a financial break, Springfield is an ideal choice.
Historic and charming, Springfield is a thriving city of large public and private employers, educational institutions and captivating activities. Families, retirees and young professionals all appreciate the city’s diverse homes and ample amenities as well as affordable homes. Even though home prices have increased in recent months, they are still 35 percent below the national average. Those extremely affordable homes contribute to an overall cost of living that is just 87 percent of the country’s average.