Rent to own Homes in Macomb, IL
Macomb is the county seat of McDonough County, Illinois, southwest of Galesburg. Founded in 1830, the city has a rich history of industry, schools and railroad booms which fostered growth through the present day. Today, with a population hovering at 21,516 people, the city enjoys the fruits of being the home of Western Illinois University. Filled with parks, recreation and entertainment, Macomb is a thriving metropolitan city and fantastic place to live.
Macomb, IL is a great place for affordable rent-to-own homes! With a median household income of over $34,467 and a median rent of $737, the Macomb, 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 Macomb, 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.
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Macomb, IL is seeing rapid growth and Macomb, IL's' housing market remains optimal with an average home price that is -55% below the 2024 national average. Macomb, IL is part of McDonough 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 McDonough is 1.9% which is above the national average, which is 0.99%.
Median Home Price in Macomb, IL
Median Rent in Macomb, IL
Top 6 Reasons to Live in Macomb, IL
Attractions and entertainment! Home to many cultural attractions, Macomb has plenty to offer people of all ages. Visit the University Art Gallery Museum, which has a permanent collection of art for those who wish to study it, the Western Illinois Museum, which opened in 1974 and is dedicated to local history, or the Old Bailey House, built in 1887 and open to the public every week day.
The great outdoors! Macomb has plenty to offer those looking to get out into nature. The Macomb Park District offers water activities such as fishing and kayaking, sport facilities and open green spaces to hike, skate or enjoy a picnic. Argyle Lake State Park, Lake view Nature Center and Spring Lake Park are just a few of the other outdoor and recreational spaces that Macomb has to offer.
Great rental opportunities! Whether you are looking to buy outright or interested in rent to own, finding rental space is easy in Macomb with 52 percent of residents renting in the city. The most popular neighborhoods for rentals are Georgetown, City Center and E Jackson St.
Yearly events! Macomb is thriving with activities for all its residents to enjoy -- from January till December there is always something going on. Enjoy some great music at the February Jazz Festival, the beautiful Macomb Balloon Rally in September and get back to nature during the November Festival of Trees.
Many restaurants to fit your cravings! Macomb has a number of great eateries to satisfy any type of food craving you may have. Head to Guadalajara Mexican Restaurant if you're in the mood for some Mexican food or Magnolia's for some high class dining.
Rising appreciation rates! Appreciation rates have risen by 1.2 percent in the past year and 3.7 percent in the past two years, making it a great time to invest in a home in Macomb. The neighborhoods with the highest appreciation are E Jackson St, Industry and W Jackson St.