Rent to Own Homes in Vallejo
Today, Vallejo is a resilient and creative town. When Vallejo’s Mare Island Naval Shipyard was closed, it transformed into a vibrant and diverse community with a university, businesses and new neighborhoods. Recovering from bankruptcy 2011, the city continues to protect residents with a professional Vallejo Police Department and Vallejo Fire Department. Other bright spots in the city include its wildly popular Six Flags Discovery Kingdom amusement park and the Solano Community College Vallejo Center Campus. Transportation is plentiful, with ferries, BART and buses easing commutes into towns such as Oakland, Daly City, San Jose and San Francisco.
Buying a Home in Vallejo?
It’s a seller’s market in Vallejo, where home and condo prices are climbing. The average listing price of a local home is $369,000, up 35 percent over the same month last year. The average selling price is 5.2 percent higher this year, topping $303,000. Not surprisingly, the price of a home per square foot also rose from $184 to $204. Houses are selling more quickly too. Last year, homes sold within an average of 70 days. Today, a home sells within 58 days. Home sellers currently get 98 percent of their asking price.
Popular Neighborhoods in Vallejo ?
Residents who want historic homes near downtown find Vallejo’s St. Vincent Hill neighborhood delightful. Many houses in the 33-block neighborhood have Craftsman or Victorian architecture and offer excellent water and mountain views. St. Vincent Hill median home prices are $300,000. To the south, the Glen Cove neighborhood has newer one- and two-story homes, excellent access to ferries and BART and terrific recreation at Glen Cove Waterfront Park. These homes have a median price of $400,000. Established families often appreciate homes in the Hiddenbrooke neighborhood that surround Hiddenbrooke Golf Club. Homes here have a median price of $539,000 and quick access to Interstate 80.
Buying vs. Rent to Own Homes?
Renting to own a home in Vallejo helps ease you into the competitive and often-pricey California real estate market. An outright home purchase requires you to supply all funding right away. In contrast, renting to own lets you lock in today’s home prices but allows you to pay a reasonable monthly rent that is partially credited to your eventual home purchase price. Rent-to-own agreements generally cover a period of one to three years. As a result, you have time to coordinate financing, get comfortable in your new home and make any necessary repairs to your credit rating. Cost of Living in Vallejo
Vallejo locals enjoy relatively affordable living expenses compared to most other Bay Area towns. Overall, the cost of living here is 15 percent above the national average; nearby San Francisco’s cost of living is 143 percent higher than the national average. The biggest expense for Vallejo residents is housing, costing 28 percent more than in the rest of the country. Locals pay about 14 percent more on food than the average American. Other essentials, including transportation, healthcare and utilities, are just 10 percent more costly in Vallejo.
Living in Vallejo offers many perks, from its ideal location northeast of San Francisco to its diverse neighborhoods. Whether you want to live in a historic district like St. Vincent Hill or a newer development near Hiddenbrooke Golf Course, Vallejo offers many options. While home prices are rising here, they remain affordable alternatives to other, more expensive Bay Area towns. Likewise, the cost of living in Vallejo is slightly higher than the national average, but it is a fraction of the expense of living in San Francisco.