Rent to Own Homes in Springfield
The below results are primarily rent to own homes in Greene County, MO:
The birthplace of U.S. Route 66, Springfield is a picturesque, industrious town with plenty of appeal. With 159,498 residents, Springfield is the third largest city in Missouri and a county seat. Situated on the Ozark Plateau, the Springfield area is affectionately called the Queen City of the Ozarks, and benefits from its location among countless streams, rolling hills and forests. Springfield city government leaders have made the most of these natural features, most recently renovating Springfield’s Sequiota Park into a natural wonderland of pedestrian bridges over the Galloway Creek, trails around graceful waterfalls and mysterious caves and peaceful duck ponds.
The city has also focused on redeveloping downtown Springfield and creating new public spaces that celebrate the city’s long history. The town hasn’t forgotten its important historic sites, either, placing signs at an infamous Wild Bill Hickok shootout location and directing visitors to the moving fields of Civil War graves at Springfield National Cemetery.
Buying a Home in Springfield
More than 1,3000 homes are currently on the market in Springfield, giving house hunters plenty of homes to consider. The median list price of a re-sale home in Springfield is up 6 percent to $126,900, and the median sale price of a new home is $170,076, at a cost of $102 per square foot. Springfield also has 92 homes that are in one of the foreclosure stages, and the number of homes that received foreclosure notices represent a 273 percent increase than last year’s number. The median price of a foreclosed home in Springfield is currently at $60,048.
Popular Neighborhoods in Springfield
Families and retirees enjoy the large homes, safe streets and peaceful location of the Mentor neighborhood. Most of the homes were built between 1970 and 1999, so there’s as much variety in architectural style as there is in pricing. The median price for a home in Mentor is $298,979. Farm Road is a terrific area for families with kids or those who want quick escapes to Smith Golf Course. Median home prices are $119,345, and rental prices are $699. Locals of all ages love the Bois D’Arc area for its abundant natural landscapes and proximity to Wilson’s Creek National Battlefield, highways and jobs. Median prices in Bois D’Arc are $180,866.
Buying vs. Rent to Own Homes
Buying a home is stressful enough without hassling with mortgage lenders, ever-increasing financial paperwork and down payments. Many buyers today are re-discovering the benefits of rent to own homes as an alternative to conventional home purchases. With rent to own homes, credit scores are less important, and the down payment and mortgage aren’t needed until the rent-to-own period is complete. Further, buyers agree to pay today’s home price, even if the market increases significantly. Plus, rent-to-own buyers can move into their homes right away instead of waiting for escrow to close.
Cost of Living in Springfield
The overall cost of living for Springfield residents is 16 percent cheaper than the national average, making Springfield an extremely affordable home for its residents. Part of that low cost of living is due to the city’s astonishingly economical housing that is 38 percent below the national average. Other costs are more in line with the rest of the nation’s, but still below average. Groceries, healthcare, utilities and transportation are all 5 to 13 percent cheaper than the country’s average.
Historic, scenic and friendly, Springfield is the ideal hometown. Homes range from historic to newer, small bungalows to large properties and ranch homes to custom estates. Neighborhoods are mostly safe and congenial, and living expenses are low. All of these benefits catch the notice of many, leading to Springfield’s appearance on a variety of ranked lists, from “best place to raise a family” to “best community for young people.”
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
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.