Rent to Own Homes in Waukegan
Sitting in the northeastern corner of Illinois on the western shore of Lake Michigan is a suburban town known as Waukegan. While this city was a major industrial hub in the past, the struggling economy dried up that business and forced the city into a phase of transition. As industrial equipment is removed from the shoreline, the land is cleaned up and redeveloped into residential communities with sweeping views of the lake and open green space for community recreation. The below results are primarily rent to own homes in Lake County, IL:
Round Lake Beach , IL 60073
Hoffman Estates , IL 60192
3 Bedrooms, 1.5 Baths
Mchenry , IL 60050
2 Bedrooms, 1 Baths
Evanston , IL 60202
1 Bedrooms, 1 Baths
Sitting in the northeastern corner of Illinois on the western shore of Lake Michigan is a suburban town known as Waukegan. While this city was a major industrial hub in the past, the struggling economy dried up that business and forced the city into a phase of transition. As industrial equipment is removed from the shoreline, the land is cleaned up and redeveloped into residential communities with sweeping views of the lake and open green space for community recreation.
You could say that such a transition is tragic and concerning, but beautiful things have bloomed from the sandy shores to the downtown Waukegan area. Residents and visitors now flock to the Waukegan Arts District every third Sunday to participate in the community Art Walk. They watch live artistic performances. They sip cold drinks and purchase snacks from local restaurants. They socialize, and they enjoy the restoration that has come to their city.
Waukegan residents also send their children to some quality schools supported by the Waukegan Public School District. This includes established schools like Waukegan High School and Waukegan Middle School. Professionals and volunteers serve the community from the Waukegan Fire Department, and the police department works to keep the city streets safe for residents of all ages.
When they aren't working or attending school, Waukegan residents spend their time north of the city at the Illinois Beach Nature Preserve. They take the short drive out west to visit Six Flags Great America, and then they return to this suburban town-in- transition.
Buying a Home in Waukegan
Waukegan is one of the few U.S. cities where you can still purchase a one-bedroom home for under $90,000, a two-bedroom home for less than $130,000, and much larger homes for less than $200,000. While median listing prices can often approach $150,000, the median sales price is typically much closer to the $120,000 mark. It's common for home buyers to pay less than $100 per square foot in this city, but there are also some luxurious homes that sell for much more.
Nearly 60 percent of residents own their homes thanks to these affordable prices, but the downside is the quality of most public schools. You should do some research into school districts before settling on a home if you have children in the household.
Popular Neighborhoods in Waukegan
If you plan on commuting to Chicago regularly or another nearby city, the northern end of the downtown area is a good location to buy a home. You'll have access to the community activities held downtown while remaining close to the train station and the highway. You can find large homes in the established neighborhood on the north end of Sheridan Road, and newer constructions are popping up in communities throughout the north and west sides of town.
Buying vs. Rent to Own Homes
Have you seen ads for rent-to-own homes in Waukegan? These properties give potential home buyers the option of renting now and purchasing a home later. If you take one of these deals, you will move into a home that you would like to buy. You will pay rent each month just as you would in any other rental property, but you will have the right to purchase the home when you're ready to secure financing. This allows you to settle into your new neighborhood right away while using the rental period to prepare for the mortgage-application process.
Cost of Living in Waukegan
The cost of housing in Waukegan often drops more than 50 percent lower than the national average, and that sends the overall cost of living into a downward spiral. While many residents pay above-average prices for utilities and transportation, it's still possible to find affordable groceries in some areas of town. You can expect to pay a bit more for many services, but the low cost of housing makes it easier to live on a tight budget in this city.
Waukegan, Illinois, was once a safe haven for big industrial companies, but the city was forced to adapt to new industries when the economy took a downturn. Today, the city is home to a thriving arts community in the downtown area and offers some of the lowest real estate prices in the country. The Lake Michigan shoreline is transforming into a cozy residential area with plenty of room for open green space. New businesses are moving into the area, and residents are enjoying the cultural revitalization of many established neighborhoods.
Rent To Own Labs provides a diverse set of real estate listings, including rent to own (“lease to own” or “lease purchase”), owner financing, foreclosed, for sale by owner, and rental home opportunities. These listings are available to low-income residents and those with bad credit or no credit, and include both condos & houses. Rent to own homes near me include the list of zip codes we serve in this area: