Rent to Own Homes in Yonkers
The below results are primarily rent to own homes in Westchester County, NY:
New York City , NY 10463
1 Bedrooms, 1 Baths
Bronx , NY 10471
2 Bedrooms, 2 Baths
Bronx , NY 10463
3 Bedrooms, 2 Baths
Bronx , NY 10467
2 Bedrooms, 1 Baths
Yonkers , NY 10703
4 Bedrooms, 2 Baths
Yonkers , NY 10701
Bronx , NY 10466
Yonkers , NY 10701
Mount Vernon , NY 10552
Bronx , NY 10466
Yonkers , NY 10705
6 Bedrooms, 2 Baths
Yonkers is a suburb of New York City sandwiched between the Hudson River to the west and Bronx River Parkway to the east. Yonkers Raceway and the associated casino are the biggest attractions for the city, but there are many other reasons to live in this section of New York. Residents enjoy easy access both to NYC and the upstate region, and it’s quite easy to get around without a personal vehicle. Parking is also more readily available in Yonkers than in NYC for those choosing to keep private transportation on hand.
One of the hidden gems of this city is Tibbetts Brook Park. This large swimming complex allows residents to enjoy basketball and volleyball in the water while kids run through the spray park and adults get their exercise in lap lanes. With friendly staff and an activity suitable for every age group, this is one of the most popular spots in the city on a hot summer day. When it’s time to dry off, residents spend time at the Yonkers Public Library, the Science Barge or the Hillview Reservoir.
Yonkers is in a state of development and reinvention, so there are many changes occurring from downtown Yonkers to many of the smaller neighborhoods. While it’s considered one of the more expensive regions of New York City, there are a variety of housing options for residents of all income levels.
Buying a Home in Yonkers
The housing market in Yonkers may seem confusing at first glance because properties located relatively close together may sell for drastically different prices. You may think you’re looking at four homes in the same neighborhood but notice that one is priced much lower than the others. While this may reflect problems with the lower-priced home, it often comes down to assigned school districts. There are some good schools in Yonkers, but there are also some which home buyers try to avoid.
Popular Neighborhoods in Yonkers
Bronxville is a village neighboring Yonkers, and it’s considered one of the best places to live in the area. There are some neighborhoods right on the edge of Yonkers where homes are assigned Bronxville mailing addresses even though they are within Yonkers city limits. This is a popular area assigned to one of the better Yonkers public school districts, and you’ll find mostly middle and upper-class homes in this family-friendly region. Cedar Knolls and Lawrence Park West are two neighborhoods to look into if this appeals to you.
If you commute into NYC for work, Park Hill is a great place to live. The neighborhood was designed for commuters and features a variety of restored historic homes on long, winding streets. The community is a mix of personalities and ethnicities, so neighbors are tolerant and friendly.
Buying vs. Rent to Own Homes
If you aren’t ready to take out a loan and purchase a home in Yonkers, consider renting your way to home ownership. Some homes offer a rent-to-own agreement that allows you to rent for a designated period of time before you officially buy the property. You can use the rental period to improve your financial standing so that you qualify for a lower interest rate when it is time to commit to a home loan. You could continue renting elsewhere while doing the same thing, but this unique agreement allows you to live in your home while preparing to make the purchase. If you need some time but want to move right away, this is a great opportunity to consider.
Cost of Living in Yonkers
The cost of living in Yonkers is approximately 60 percent higher than the national average and approximately 30 percent higher than the New York average. While all categories of expenses are at least a few percentage points higher than the national average, the biggest expense for most homeowners is housing. The cost of housing is double the national average, and some neighborhoods will make it seem even higher. Utilities are also about 40 percent higher than the national average, and that significantly increases your overall housing expense.
Yonkers is one of the most expensive areas of New York City, but there are many neighborhoods with beautiful historic homes that are worth the price of admission. Residents enjoy a large swimming complex that allows them to play water sports together, swim laps for exercise or turn their children loose for fun in the spray park. The city is also home to Yonkers Raceway and an associated casino. This is a great place for adults to enjoy a night on the town without dipping into the bar scene. Those unhappy with the local school system often send their children to private schools so that they can purchase a home in whatever neighborhood fits their personality.
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
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
Reported Annual Crime In Yonkers