Rent to Own Homes in Sterling Heights

Sterling Heights city government and community leaders carefully protect the town’s reputation for safety while providing residents with ample services like Sterling Heights Public Library and good schools like Sterling Heights High School and Stevenson High School. Sterling Heights High is operated by Warren Consolidated Schools, and Stevenson High is managed by Utica Community Schools. Residents also benefit from three local newspapers, with both the Sterling Heights Source and Sterling Heights Sentry offered locally for free.

Buying a Home in Sterling Heights

As a highly desirable suburb of Detroit, Sterling Heights’ homes are in strong demand. The local supply of houses is low, with 255 homes on the market. This low inventory pushes up median home prices to $192,000. While that’s a price increase over last year, homes here are still affordable. Another bright spot for buyers is the availability of 186 homes currently in the foreclosure process. The median price of a foreclosed or distressed home in Sterling Heights is down 4 percent to $125,994, providing buyers with potential bargains.

Popular Neighborhoods in Sterling Heights

Families like the convenience of homes in the Northern Sterling Heights area, where homes are less than 20 years old, schools are good, and shopping and entertainment venues are close by. These homes just north of Canal Road off Pinewood Drive range from $215,000 to $270,000 and feature large yards, some swimming pools and peaceful, curving streets. To its east is a popular condominium community that is very close to Lakeside Mall, featuring waterfront townhouses built in the mid-1980s, low HOA fees and maintenance-free living. Condos in this Lakeside neighborhood range from $105,000 to $160,000.

Buying vs. Rent to Own Homes

The accessible prices and comfortable neighborhoods of Sterling Heights create the perfect conditions for first-time home buyers. Rent to own homes provide these first-timers with an accommodating process that focuses less on perfect credit scores and more on selling the home. Rent-to-own contracts give buyers extra time to coordinate financial issues, paying a nominal option fee to start the process instead of a hefty down payment. Then, buyers pay a slightly higher monthly rent, with the rent premium going toward the final down payment. This gives buyers an easy way to save for a down payment while living in their new homes.

Cost of Living in Sterling Heights

The city’s affordable housing is abundantly clear when looking at Sterling Heights’ cost-of-living measurements. Sterling Heights citizens spend just 88 cents for every dollar the average American pays for housing, and food and health care expenses are also below the national average. Transportation costs are equal to the country’s average, and utilities are a slight 2 percent more expensive. When considered together, all of these costs balance to provide Sterling Heights locals with an overall cost of living that is 5 percent below the national average.

Summary

Recently named as one of “America’s 50 Best Places to Live,” Sterling Heights prides itself on its safety, accessibility and community spirit. As Michigan’s safest large city, Sterling Heights is as popular a hometown for those who work in nearby Detroit as it is for those who work in town. Commutes are easy with freeways and thoroughfares that are close to most of the city’s welcoming neighborhoods. Local homes are coveted, and prices are rising as a result. Even with these price increases, homes and the overall cost of living are terrifically affordable.

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

When you’re looking for your first townhouse or condo, you learn pretty quickly that it’s difficult to secure financing for houses when you have bad credit. However, you can find properties, like apartments, in our free listings that might meet your needs.

Our database includes free listings for cheap properties available for lease-purchase, rent to own by owner, foreclosed homes and owner financing. Many of these programs will work with you with no credit check.

The convenient part of rent to buy and lease to purchase agreements is that they give buyers time to prepare to purchase a home by saving up a down payment and improving their credit score. Owner financing often has less stringent requirements than conventional financing. Search for properties near me to find the program that’s most convenient.