Rent to Own Homes in Wichita
The below results are primarily rent to own homes in Sedgwick County, KS:
Booming with aerospace manufacturing and a wide range of other successful industries, Wichita is flourishing. Home to nearly 400,000 residents, Wichita is the largest city in Kansas and the central city of the entire Wichita metropolitan area of 641,000 people. It has many world-class institutions and amenities serving this diverse population, from Wichita State University and its award-winning golf program to the convenient Wichita Dwight D. Eisenhower National Airport.
Locals have plenty of activities, recreation and attractions to keep them entertained throughout the Wichita area. Residents can take in a Wichita Thunders hockey game, explore the Old Cowtown living history museum or spend an afternoon in the Wichita Public Library, nationally recognized as a Top Innovator in North America. From the renowned Sedgwick County Zoo and Wichita Art Museum to the Keeper of the Plains Plaza, Wichita attractions celebrate the best of its natural wonders and history.
Buying a Home in Wichita
For those who want to enjoy all of Wichita’s delights, buying a home here is often the next logical step. Fortunately, homes prices in Wichita are fairly affordable. The median price of a home in Wichita is $222,900, a 1.3 percent increase over last year and a bit higher than the national average of $219,400. Homebuyers may have fewer choices in coming months, with the number of homes on the market dwindling 13.3 percent to 2,489. That’s enough inventory to last the current market just 3.6 months, well below the national average of 5.3 months. As a result, buyers may encounter some competition for homes in Wichita.
Popular Neighborhoods in Wichita
Wichita is a friendly, neighborly community, as evidenced by its 80-plus active neighborhood associations. Some of the most popular neighborhoods for singles and young professionals include downtown and its bordering Old Town. Both offer chic new loft homes in converted warehouses and access to theaters, restaurants, taverns and city landmarks. Families often prefer the central and east side of Wichita where the established and safe neighborhoods of College Hill and Eastborough provide mature landscapes, early and mid 19th-century homes and many community activities. Those who want more contemporary design amid the amenities of master planned communities enjoy the northern neighborhoods of Oak Creek and Fox Ridge.
Buying vs. Rent to Own Homes
Joining Wichita’s community of homeowners can be daunting, especially when you’re competing with other earnest buyers. Many house hunters find that rent-to-own options are a good alternative to buying a home outright. Renting to own ensures that part of the rent is applied to the final downpayment, thus providing a relatively painless way to build a strong downpayment. A rent-to-own contract also provides those with damaged credit scores or other financial issues some time to take care of those challenges before seeking a mortgage.
Cost of Living in Wichita
Locals appreciate that living expenses in Wichita are much lower here than in other parts of the nation. Overall, residents spend 13 percent less on essentials than the national average, in part because housing is 30 percent cheaper here. Groceries and healthcare are 10 percent less than the average, while utilities are 9 percent less expensive and transportation is 4 percent lower than the national average.
Wichita’s beautiful location on the Arkansas River is just one of the reasons many people in the Midwest choose to make their homes here. Home prices are slowly rising, though, and some real estate experts consider this to be a seller’s market. House hunters can smooth the home buying process by knowing whether they want to live in downtown’s hub of activity or in some of the east and north neighborhoods that provide a suburban experience. Whatever neighborhood buyers select, they’ll enjoy Wichita’s living expenses and will ultimately spend only 87 for every dollar the average American spends.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.