Rent to Own Homes in Springfield

The city was historically dependent upon the manufacturing industry, starting with the development of the Kelly Springfield Tire Company in 1894. Manufacturing facilities are still abundantly available, but jobs are also offered by other major employers like Clark County Schools, Community Mercer Health Partners and the Springfield Air National Guard Base. Teachers and other staff members are also needed to keep the Springfield Public Schools system operating smoothly.

For educational advancement, Springfield offers residents easy access to Clark State Community College and Wittenberg University. Residents often venture northwest of the city to Buck Creek State Park when they want to walk, camp, fish or simply spend time outdoors. The Hartman Rock Garden and the National Trail Parks and Recreation District also provide opportunities for outdoor recreation, along with many small community parks located in residential areas. These public amenities plus the low cost of housing serve as the city’s main attractions for new residents.

Buying a Home in Springfield

It shouldn’t surprise you to browse homes for sale in Springfield and see that most of them are listed for far less than $100,000. Cheap homes are the rule rather than the exception with this buyer-friendly housing market, and it’s not uncommon to find properties listed for well below the $50,000 mark. While these properties may grab your attention, it’s important to obtain a thorough inspection so that you’re aware of any damages that you may need to fix in order to make some of these cheap homes livable.

Most buyers pay less than $100 per square foot for homes in this city, but there are some homes that sell for $300,000 or more. There are more neighborhoods with affordable homes than there are luxury homes, but you can find communities with new constructions and modern features that will make your family feel pampered. The low cost of living in Springfield will help you stretch your budget to secure a larger home than you could afford in many other cities.

Popular Neighborhoods in Springfield

One of the best Springfield neighborhoods for families with younger children is sandwiched between routes 4, 334 and 68 toward the north end of town. Look for homes north of Villa Road with these highways serving as the outer boundaries, and you’ll find an established community with a vacancy rate that stays well under 5 percent most of the time. This area features a mix of rental and owner-occupied homes that were built mostly between 1970 and 1999. You can expect to pay an average of $150,000 for homes in this neighborhood.

For more affordable home prices in a family-friendly community, look for property in the Jacksonville neighborhood. You’ll find this area west of the Mad River and north of Shrine Road on the western edge of town. The median real estate price here is typically below $100,000, and most of the homes are occupied by their owners. You’ll find some mobile homes mixed into a community that is predominantly composed of single-family homes.

Buying vs. Rent to Own Homes

Buying a home in Springfield is a life-changing experience. It can deliver stability while allowing your family to feel rooted into your community. If you want to make the transition to home ownership but aren’t quite ready to apply for a home loan, a rent-to-own home may solve the problem. You can move into the property right away, but you’ll have a year or longer to secure financing. This is your opportunity to settle into a home right away while giving yourself some time to secure a home loan with an affordable interest rate.

Cost of Living in Springfield

It’s not uncommon to see housing prices in Springfield drop more than 50 percent lower than the national average. While some residents may pay slightly more than average for utilities and transportation, most other expenses are comparable to the national average. This results in an overall cost of living that is around 20 percent lower than average. Since you can find cheap homes for sale at any given time, this is one town that allows even those with low incomes to become homeowners.

Summary

Springfield, Ohio, was traditionally known as a thriving blue-collar town supported by the manufacturing industry. Things haven’t changed much today as some of the highest-paying jobs in the city are in manufacturing. There are also jobs available through two school systems and the local hospitals and retail shops. The city is located within minutes of Buck Creek State Park and is home to a community college and Wittenberg University. Perhaps the biggest perk of living in Springfield is the low cost of housing.

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

The free listings for rent to own by owner properties on this website make it easier for buyers to find rent to buy programs near me online.

Rent to buy is a good way to sell apartments or houses when the market isn’t particularly active. It’s certainly a more profitable alternative than selling them for cheap prices.

You can choose to lease-option or lease-purchase a condo, townhouse, etc – anything other than foreclosed homes works. In a lease-option, the buyer has the option to buy the home, but in a lease-purchase, the buyer must buy it.

It’s important to note that lease to purchase deals usually come with no credit check because bad credit is the tenant’s responsibility. If the tenant cannot purchase the home at the end of the lease, the seller keeps their rent and option fee. Then, the seller can find another buyer and, hopefully, market conditions are better.