Rent to Own Homes in Topeka

The Topeka City Council of today ensures that local residents have plenty of services and cultural amenities. Spectators enjoy races at Heartland Park Topeka, games at Topeka High School and Topeka West High School, vibrant art events and abundant biking and hiking trails. Kansas City is just about an hour away for those who want to day-trip.

Buying a Home in Topeka

Topeka home sales rose this past year by 14.5 percent, while listings declined more than 10 percent. Although house hunters still have more than 1,000 homes to consider, this drop in inventory tightens up the Topeka housing market and provides just enough homes on the market to last just 2.9 months at the current selling pace. Home prices rose moderately in the last year, with the median price increasing 2.9 percent to $129,000 and the average price edging up 4.6 percent to $151,723.

Popular Neighborhoods in Topeka

Families and couples adore the neighborly atmosphere and historic Victorians of the Potwin Place neighborhood. The area is known for its inviting Christmas lights and Halloween and Independence Day decorations, tree-studded roundabouts and homes with an average price of $244,580. Young families also find the Highland Crest neighborhood’s ranch homes, large lots and proximity to the Topeka Turnpike very attractive, raising the neighborhood’s population 1.4 percent in recent months. Students, young professionals, families and retirees all enjoy the historic College Hill neighborhood. Its blend of heritage architectural styles, convenient access to Washburn University and fun community events give the neighborhood plenty of charm. The neighborhood's average home price of $84,346 is an affordable bonus.

Buying vs. Rent to Own Homes

Becoming part of the Topeka community through home ownership can be rewarding, and rent to own homes offer buyers an opportunity to make the purchase in a less-rigid way. Spotless credit scores are less important with rent to own homes. Instead of making an initial down payment, buyers pay an option fee at the start of the process. Once all of the details are negotiated, buyers move into the house, paying regular monthly rent and a small monthly premium. The monthly premium and option fee are usually credited to the buyer’s down payment owed at the end of the process, giving buyers an easier way to save up for the down payment.

Cost of Living in Topeka

Local residents are blessed with extremely low housing costs, paying just 56 cents for every dollar other Americans pay for housing. This affordability carries over to all aspects of living in Topeka, from grocery costs to utilities that are 6 to 18 percent cheaper than the national average. Overall, the cost of living in Topeka is 17 percent less than in the rest of the country.

Summary

With the Kansas River running through town and Lake Shawnee on the city's border, Topeka abounds with recreation and scenery. The city’s long and fascinating history is embedded in many of Topeka’s beautiful historic neighborhoods and homes, including College Hill, Potwin Place and Westboro. In spite of their history, beauty and rising prices, Topeka’s homes are quite affordable, costing 44 percent less than in the rest of the U.S. This budget-friendly housing is matched by Topeka’s other living costs that are well below the national average.