Rent to own Homes in Durango, CO
The town of Durango, located in central Colorado, boasts a backdrop that won't quit. It was founded as a railroad town by the Denver and Rio Grande Railroad Company. The name refers to the nearby Animas River and comes from Urango, which is Basque for "water town." In winter months, residents continue to celebrate with the Snowdown Festival, which includes a beard growing contest, hot wing competitive eating event, and beer plunge.
Durango, CO is a great place for affordable rent-to-own homes! With a median household income of over $65,424 and a median rent of $1,297, the Durango, CO rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Durango, CO. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
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Durango, CO is seeing rapid growth and Durango, CO's' housing market remains not optimal with an average home price that is 117% above the 2024 national average. Durango, CO is part of La Plata county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county La Plata is 0.24% which is below the national average, which is 0.99%.
Median Home Price in Durango, CO
Median Rent in Durango, CO
Top 3 Reasons to Live in Durango, CO
Inexpensive rentals up for grabs! Finding an affordable rent to own home in the city is a cinch. Properties in the Bondad and Florida communities offer an average monthly rent of $778. You'll have easy access to both Highway 550 and 140 with a house in this area. Another area to consider is Hermosa. This community boasts an average monthly rental cost of $766 and a vacancy rate of 41%. Your backyard is the San Juan National Forest, so nature lovers will have plenty to see and do.
Seek solace in historic Downtown! The quaint and alluring charm of the area is matched with unparalleled eateries and shops that feature local artisans and major retailers. Browse the antiquated facades before enjoying a meal at one of the neighboring food joints. Enjoy local brewery and pub fare at Ska Brewing Co or try something out of the ordinary at the Himalayan Kitchen, an eatery that serves up Nepalese delicacies that entice crowds nightly. If you're in the area bright and early, get a caffeine fix at Durango Joe's. You can even take whole coffee beans home to your family for a fresh morning brew. For a scenic view of the area on the outskirts of town reserve a horse drawn carriage with Hole In The Wall of Durango and see the sights as you relax and allow someone else to take the reins, escorting you through impeccable vistas.
Homes high in value! Loma Linda homes are valued at $383,732 on average. This is higher than 85.1% of houses in the nation. Investing in rent to own abodes here ensures your home will see some appreciation to make your decision to purchase a great investment. The short drive from Lake Nighthorse and easy access to Highway 160 make this section of town even more convenient.