Rent to own Homes in Lake Forest, IL
Located in Lake County and within the buzzing Chicago metropolitan area, Lake Forest is home to well over 19,000 people and boasts a thriving arts scene, all sorts of shopping and dining opportunities, and exciting outdoor recreation. Known for its history and architecture, the location of Lake Forest is also notable. Right beside vast Lake Michigan, Lake Forest is truly picturesque. And with Chicago just a drive along I-94 or rail ride away, this town has all the ingredients necessary to be a good place to reside.
Lake Forest, IL is a great place for affordable rent-to-own homes! With a median household income of over $189,118 and a median rent of $1,627, the Lake Forest, 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 Lake Forest, 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 Lake Forest, IL Property Resources
Rent to own Homes in Cities Near Lake Forest, IL
- Bannockburn
- Bedford Park
- Berkeley
- Bridgeview
- Broadview
- Burbank
- Carpentersville
- Downers Grove
- East Dundee
- Elmhurst
- Forest Park
- Gages Lake
- Glendale Heights
- Glen Ellyn
- Glenview
- Golf
- Grayslake
- Green Oaks
- Hainesville
- Hanover Park
- Hawthorn Woods
- Highland Park
- Highwood
- Hodgkins
- Indian Creek
- Knollwood
- La Grange Park
- Lake Barrington
- Lakemoor
- Lake Villa
- Lincolnshire
- Lombard
- Long Lake
- Maywood
- Melrose Park
- Mundelein
- Naperville
- Oak Brook
- Old Mill Creek
- Palatine
- Park City
- Port Barrington
- Rosemont
- Round Lake
- Schaumburg
- Schiller Park
- Volo
- Wauconda
- Westchester
- Willow Springs
Buying a Home in Lake Forest, IL
Lake Forest, IL is seeing rapid growth and Lake Forest, IL's' housing market remains not optimal with an average home price that is 276% above the 2024 national average. Lake Forest, IL is part of Lake 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 Lake is 2.19% which is above the national average, which is 0.99%.
Median Home Price in Lake Forest, IL
Median Rent in Lake Forest, IL
Top 4 Reasons to Live in Lake Forest, IL
Enjoy an excellent meal! Lake Forest boasts great food to go along with great scenery. Listen to live piano music as you sip cocktails and devour an entree at The Grille on Laurel. Savor the tasty tacos, fajitas, and burritos at Authentico Restaurant. And order a classic dish with a contemporary twist at Market House on the Square. Although the exquisite cuisine of Chicago is within reach, residents can still have a wonderful dinner right in Lake Forest.
Get a classically designed house! From Georgian manors to Victorian estates, it's all here in Lake Forest. 82.2% of housing units in Lake Forest are single family dwellings, and most of these feature stunning traditional architecture. Although most of the available ones are only for sale, some can be found for lease and a few offer a rent to own option. Some good areas to look for such homes include near Deerpath Community Park and around Lake Forest Library.
Have a blast outside! Outdoor recreation abounds in Lake Forest. Forest Park Beach, for instance, offers walking paths, a beach for relaxing, fishing piers, sand volleyball, kayak rentals, and more. Golfers are certain to like Deerpath Golf Course, which features 18 challenging holes. If baseball, soccer, or football is your jam, head to Farwell Field. For those looking for more action, know that Lake Erie is the spot for high action water sports. Whether you want to relax with a book under a tree or water ski, Lake Forest has what you need.
Get a pad with a view! The location next to Lake Erie equals lots of opportunity to live in a dwelling that offers spectacular water vistas. Those looking to rent a property should know that while 89.2% of pads are owner-occupied, some rental homes near Lake Erie are available, such as those at South Campus Apartments. Those looking to buy should check near Lake Forest Cemetery, which is right on the shore in the north part of town, and also Fort Sheridan in the south part of town.