Rent to own Homes in Newark, DE
Located in New Castle County, Newark prides itself with a historical downtown, which was instrumental in gaining the coveted Great American Main Street Award in 2011. The seat of Delaware commerce and banking in the 18th century, downtown remains the heart of the 8.9-square mile city, with restored historical landmarks like the Greek Revival-style Bank of Newark Building alongside modern structures like the gigantic Christiana Mall. Newark is also home to the main campus of the University of Delaware, which means this city is vibrant and full of life.
Newark, DE is a great place for affordable rent-to-own homes! With a median household income of over $60,767 and a median rent of $1,282, the Newark, DE 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 Newark, DE. 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.
More Newark, DE Property Resources
Rent to own Homes in Cities Near Newark, DE
- Arden
- Ardentown
- Auburn
- Avondale
- Bear
- Boothwyn
- Caln
- Carneys Point
- Cecilton
- Chadds Ford
- Charlestown
- Chesapeake City
- Claymont
- Coatesville
- Cochranville
- Colora
- Delaware City
- Dilworthtown
- Earleville
- Elsmere
- Exton
- Glasgow
- Hamorton
- Hayti
- Landenberg
- Lima
- Linwood
- Marcus Hook
- Massey
- Middletown
- New Castle
- Newport
- Newtown Square
- Nottingham
- Penns Grove
- Pennsville
- Pike Creek
- Pike Creek Valley
- Port Penn
- Sadsburyville
- Salem
- Smyrna
- St Georges
- Thornton
- Townsend
- Warwick
- West Grove
- Wilmington
- Winterthur
- Yorklyn
Neighborhoods in Newark, DE
West Branch rent to own homes Nottingham Green rent to own homes Fairfield rent to own homes Oaklands rent to own homes Woodmere rent to own homes Abbotsford rent to own homes Covered Bridge Farms rent to own homes Southwest Newark rent to own homes University Newark Core rent to own homes West Newark rent to own homesPopular Zip Codes in Newark, DE
19714 rent to own homes 19717 rent to own homes 19716 rent to own homesBuying a Home in Newark, DE
Newark, DE is seeing rapid growth and Newark, DE's' housing market remains not optimal with an average home price that is 28% above the 2024 national average. Newark, DE is part of New Castle 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 New Castle is 0.55% which is below the national average, which is 0.99%.
Median Home Price in Newark, DE
Median Rent in Newark, DE
Top 3 Reasons to Live in Newark, DE
Gastronomic food trip. With more than 60 restaurants and growing, there's bound to be a great dining spot right anywhere in Newark. Grab a pint of draft beer from the historical Deer Park Tavern built in 1851 or enjoy best-kept secrets like delectable Vietnamese sandwiches from Banh Mi Boy. Newark hosts two annual events that draw thousands of foodies to the city. The springtime Wine and Dine Downtown features specialty cuisines by Newark's top chefs paired with fine wine selections from around the world. In January, the city gears up for Restaurant Week, where dining establishments create fixed-priced special menus off their regular days, offering new tastes and experiences to clients.
Many great choices for housing and places to live. There are over 1,000 houses and condo units per square mile in Newark. This means there's a steady availability of housing in Newark, either homes for rent or for sale. Newark's building incentive program led to renovations of older establishments and construction of new buildings to meet rising demand for more rental homes in the downtown area. The program called for a design that included commercial spaces on the first floor and apartments or attached housing units for the upper floors. Some of the downtown buildings that incorporated this design include Main Street Plaza, The Center Square, Pomeray Station and Main Street Court.
Thriving market for homebuyers and renters. There's a good balance of renters and homeowners in Newark, with 45 percent of homes being renter-occupied. With a fast-growing business scene, the average house price in Newark is growing at a steady pace, from $250,000 to $350,000, which means increasing value for those investing in houses. Attached units like apartments, townhouses and condominiums are also steadily growing since 2000, buoying the rental market. Rent to own homes can also be found in some Newark districts like Drummond Hill and Saint Regis.