Rent to own Homes in Frankfort, IL
The village of Frankfort, located in Will and Cook counties, is the 36th fastest growing suburb in the United States. Although the area once served as a connection between the Des Plaines and St. Joseph rivers for the native Sac, Fox and Potawatomi tribes, pioneers began to settle the area in the 1830s. Today, Frankfort is a village that provides a home to over 17,000 residents who benefit from Frankfort's quiet surroundings while enjoying their proximity to The Windy City.
Frankfort, IL is a great place for affordable rent-to-own homes! With a median household income of over $140,731 and a median rent of $1,462, the Frankfort, IL 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 Frankfort, IL. 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 Frankfort, IL Property Resources
Rent to own Homes in Cities Near Frankfort, IL
- Alsip
- Batavia
- Bedford Park
- Berkeley
- Bridgeview
- Broadview
- Burbank
- Burr Ridge
- Calumet Park
- Chicago Heights
- Countryside
- Crest Hill
- Crestwood
- Crystal Lawns
- Downers Grove
- Elmhurst
- Fairmont
- Flossmoor
- Forest Park
- Frankfort
- Frankfort Square
- Glendale Heights
- Glen Ellyn
- Glenview
- Hanover Park
- Hodgkins
- Hometown
- Homewood
- La Grange Park
- Lockport
- Lombard
- Manhattan
- Markham
- Maywood
- Melrose Park
- Merrionette Park
- Midlothian
- Mokena
- Naperville
- Oak Brook
- Oak Forest
- Palos Heights
- Palos Park
- Park Forest
- Phoenix
- Plainfield
- Rosemont
- Tinley Park
- Woodridge
- Worth
Popular Zip Codes in Frankfort, IL
60423 rent to own homesBuying a Home in Frankfort, IL
Frankfort, IL is seeing rapid growth and Frankfort, IL's' housing market remains not optimal with an average home price that is 73% above the 2024 national average. Frankfort, IL is part of Will 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 Will is 2.05% which is above the national average, which is 0.99%.
Median Home Price in Frankfort, IL
Median Rent in Frankfort, IL
7 Reasons to Live in Frankfort, Illinois
Recent job growth is positive! Newcomers to the area will take comfort in Frankfort's recent job growth. Whether its due to an improving economy, or the village's proximity to Chicago, employment options abound. Over the last year, job growth has improved .85 percent. See this bustling town in action at Aurelio's Pizza or at Frankfort Town Center Shopping Center.
Proximity to Chicago, Illinois! Frankfort is a part of the Chicago-Naperville-Joliet Metro area, so it's only a hop, skip and jump from the multiple amenities that The Windy City provides. Enjoy the short commute for a day exploring Chicago's famous Field Museum or enjoy the Bears game at Soldier Field.
Enjoy historic buildings and museums! If you don't care to drive all the way into downtown Chicago for stimulation, feel free to check out the local sights and scenes in Frankfort. The Frankfort Historical Society Museum on Kansas Street is open Wednesday through Sunday. If there are young folks around, they'll get a kick out of the KidsWork Children's museum on White Street. If museums aren't your thing, go for a stroll in Historic Downtown Frankfort, where you'll find a variety of unique shops and dining options.
Relax in the out-of-doors! When the weather's nice, Frankfort residents hop on their bicycles and head down the 21-mile Old Plank Road Trail bike path. The area features native plants and woodlands for natural scenery. If you'd rather be on the green, go play a round of golf at the Prestwick Country Club.
Home appreciation is on the rise! Although home prices in Frankfort have dipped over the last ten years, recent appreciation has been positive. Over the last 12 months, homes in Frankfort have appreciated 8.1 percent, which is almost twice the national average. For the most reasonable home prices, take a look in the Frankfort Square neighborhood, where median home prices hover around $215,258.00. This neighborhood is the location of Island Prairie Park and Community Center and Hunter Prairie park.
Most homes are owner occupied! Although many towns have a high rate of owner occupation, Frankfort boasts a homeownership rate of over 90 percent. If you're looking for that perfect rent to own property, check out the Lincoln Estates neighborhood near Hickory Creek, where vacancies are 7.9 percent. The median home price in this neighborhood is $306,347.
Peaceful suburb on the city's doorstep! If you're looking for that one of a kind community with the amenities of the big city but without the noise, look no further than Frankfort. This quiet town is a perfect respite away from all the stresses of city life. Spend your days relaxing in the Hickory Creek Preserve park or over at the Sauk Trail Reservoir.