Rent to Own Homes in Worcester
The below results are primarily rent to own homes in Worcester County, MA:
The second biggest city in New England, Worcester is a cultured-but-never-stuffy town of 181,045 residents. Thriving music and art scenes, fascinating museums and countless rowing, hockey and other recreational options keep the city vibrant, welcoming and a little on the quirky side. Downtown Worcester is the place to go for dining and nightlife, and its new mixed-use CitySquare revitalization project is the largest ever undertaken in Massachusetts, according to The Boston Globe.
Once the seat of Worcester County, Worcester is also home to world-class educational institutions that support and innovate the region’s robust employment and industry base. These highly respected and often nationally recognized universities include Worcester Polytechnic Institute, Assumption College, Worcester State University and University of Massachusetts Medical School.
Buying a Home in Worcester
The city’s many appealing offerings make it a very desirable place to live. It’s getting cheaper to buy a single family home in Worcester, but it’s more expensive to buy a townhouse or condo, according to the most recent Worcester region housing statistics. Median home prices dropped 1.6 percent in the last year to $246,000, while median condo prices rose 10.3 percent to $215,000. The number of closed sales for both types of housing were down 11 percent, and both experienced double-digit decreases in the number of homes on the market. Home buyers are successfully negotiating some price cuts, paying 93.6 percent of the asking price for single family homes and 95.1 percent of the asking price for condos.
Popular Neighborhoods in Worcester
Worcester’s West Side has the expansive lawns, the large Queen Anne and Victorian homes and charming shopping centers that appeal to families and professionals. Tatnuck and Salisbury Street are also local favorites for historic homes and good schools. Millennials, hipsters and the young-at-heart flock to the Beaver Brook neighborhood on the West Side and Shrewsbury on the East Side for the plentiful coffee houses, yoga studios and similarly educated neighbors.
Buying vs. Rent to Own Homes
Buying into a thriving housing market like Worcester’s can be unnerving, but rent to own homes can ease some of the stress of the process. Rent-to-own arrangements often have less stringent financial requirements than a traditional home purchase, and they often provide an easier system for accumulating a down payment through monthly rent premiums. While rent-to-own purchasers will usually have to pay an option fee to start the process, it’s a smaller amount than a traditional down payment.
Cost of Living in Worcester
In spite of its desirability, Worcester’s cost of living is not significantly greater than the national average. Overall, locals can expect to pay 5 percent more on total living expenses than they would if they lived in another U.S. town. Healthcare is the biggest cost, ringing in at 25 percent higher than the national average. Transportation and housing are slightly above the norm at 6 and 4 percent. Groceries and utilities are both below the national average.
Built atop a series of hills just 40 miles from Boston, Worcester has stellar scenic views and bountiful employment options, activities and renowned universities. Many of its homes are charmingly historic, while others are modern and new. Many of the most beloved neighborhoods, though, are mature and green, close to the city’s vibrant cultural and artistic enclaves and incredibly welcoming. Residents pay a little bit more than average for the privilege of living in such a rewarding city, but expenses are still well below costs in nearby Boston.
Rent to Own Realtors
Rent to own is beneficial to both buyers and sellers, but that’s not common knowledge. A lot of people look to realtors as a credible source of information for their counterpart in a rent to own deal about the benefits of the program.
However, you likely won’t find a realtor who is interested in helping you. There’s not a lot of profit for realtors in rent to own deals.
Instead, you’ll have to become a credible expert on the process yourself. Honestly, that’s not a bad thing. It’s better that you know everything you need to about the process you’re investing so much time and money into.
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.