Rent to Own Homes in West Memphis
Spanish explorer Hernando De Soto was in this area as early as 1591, and a French expedition came in 1673, but the... Read More
Spanish explorer Hernando De Soto was in this area as early as 1591, and a French expedition came in 1673, but the earliest recorded immigrant to settle there was a Dutchman, Benjamin Fooy, in 1795. This was at the behest of the Spanish government, which wanted to establish a settlement on the all-important Mississippi water route.The below results are primarily rent to own homes in Crittenden County, AR:
Spanish explorer Hernando De Soto was in this area as early as 1591, and a French expedition came in 1673, but the... Read More
Spanish explorer Hernando De Soto was in this area as early as 1591, and a French expedition came in 1673, but the earliest recorded immigrant to settle there was a Dutchman, Benjamin Fooy, in 1795. This was at the behest of the Spanish government, which wanted to establish a settlement on the all-important Mississippi water route.The below results are primarily rent to own homes in Crittenden County, AR:
Throughout the 19th and early 20th centuries it was called Campo de la Esperanza, Field of Hope, Hopefield, Bragg, and finally incorporated as West Memphis in 1927. By 1950 the population had exceeded 9,000, and the 20,000 mark was reached in the early 1960s. It is the largest city in Crittenden County and the 18th largest in the state of Arkansas.
The capital of Arkansas, Little Rock, is a 130-mile drive west on I-40. Nashville is 220 miles to the east, and St. Louis lies 275 miles north.
The West Memphis Commercial Historic District in the central business district is on the National Register of Historic Places. It includes 22 contributing buildings, most of which were built between 1930 and 1950.
Buying a Home in West Memphis
Current home listings in the city range from $35,000 to $299,000. The median home cost is a very reasonable $86,000, which is an impressive 54 percent below the national average. About 55 percent of the residential real estate is owner occupied. The cost of living in West Memphis is 23 percent below the national average.
The median age of the residents is 34.5, and 39 percent of the population is married. The median household income is about $29,800.
The city is served by the West Memphis School District, which includes seven elementary schools, three junior high schools, and a high school. The schools are rated from 2 to 10 (out of 10) by GreatSchools, so families with children should carefully check out the schools when shopping for a neighborhood.
Popular Neighborhoods in West Memphis
Ten constituent neighborhoods make up the city. Just north and west of the city center is the N Airport Rd/W Service Rd. neighborhood. The residential real estate is comprised mostly of medium- to large-sized single-family homes and mobile homes, and most is owner occupied. In fact, over 98 percent of the residences are detached, single-family homes. It is an upper-middle income area, and the median home cost is $134,000.
To the east is the N Avalon St/Dover Rd. neighborhood. It’s made up of of small- to medium-sized single-family homes and apartment buildings, and a mixture of owners and renters live here. It is a lower-middle income neighborhood. The median home cost is about $115,700.
Buying vs. Rent to Own Homes
West Memphis, with its low housing cost and mild climate, may already sound like a city worthy of consideration. But buying a home can be out of reach for some. That’s why many are taking advantage of rent-to-own arrangements, where a portion of each month’s rent is set aside and applied toward a down payment to eventually buy the house. The initial down payment is saved gradually, and renters can look forward to eventually becoming proud homeowners.
Summary
The location of West Memphis – just across the river from Memphis – means that big-city amenities such as shopping, dining, entertainment, nightlife, and employment are close by. The city is experiencing positive job growth, and it is expected to exceed 40 percent over the next ten years. With a reasonable cost of living, family-friendly neighborhoods, and good schools, West Memphis is a city worth a look if you’re thinking about a place to settle down.
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
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.
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