Rent to own Homes in Morton, IL
Situated in Tazewell County, Illinois, the Village of Morton had a population of 16,267 in the 2010 U.S. census. As a part of the Peoria Metropolitan Statistical Area, Morton is close to the major city of Peoria - which is less than 11 miles away - but still offers small town charm. Covering an area of 12.2 square miles, Morton is also renowned as the Pumpkin Capital of the World.
Morton, IL is a great place for affordable rent-to-own homes! With a median household income of over $78,979 and a median rent of $871, the Morton, 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 Morton, 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 Morton, IL Property Resources
Rent to own Homes in Cities Near Morton, IL
- Bartonville
- Bay View Gardens
- Bellevue
- Bradford
- Brimfield
- Chillicothe
- Creve Coeur
- Dahinda
- Dunlap
- East Peoria
- Edelstein
- Edwards
- Elmwood
- Farmington
- Galva
- Germantown Hills
- Glasford
- Hanna City
- Hopewell
- Kewanee
- Lacon
- La Fayette
- Lake Camelot
- Laura
- Lowpoint
- Mapleton
- Marquette Heights
- Mossville
- Neponset
- North Pekin
- Norwood
- Oak Run
- Pekin
- Peoria
- Peoria Heights
- Princeville
- Putnam
- Rome
- Smithville
- Sparland
- Speer
- Spring Bay
- Toulon
- Trivoli
- Victoria
- Washington
- West Peoria
- Williamsfield
- Wyoming
- Yates City
Neighborhoods in Morton, IL
No neighborhoods foundPopular Zip Codes in Morton, IL
61550 rent to own homesBuying a Home in Morton, IL
Morton, IL is seeing rapid growth and Morton, IL's' housing market remains optimal with an average home price that is -9% below the 2024 national average. Morton, IL is part of Tazewell 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 Tazewell is 1.85% which is above the national average, which is 0.99%.
Median Home Price in Morton, IL
Median Rent in Morton, IL
Top 4 Reasons to Live in Morton, IL
Several major employers for job seekers! Morton is headquarters for a Caterpillar Inc. distribution center and Libby's Pumpkin. Approximately 28 percent of the population was engaged in manufacturing in 2011 census records, most of those in work at Libby's Pumpkin Cannery. Other major employers are Oakwood Estate and Linden Estate - both area hospitals. In 2011, 27.6 percent of residents commuted to work, many to Peoria, which is about a 10-minute drive.
Go to the famous Pumpkin Festival! Since approximately 85 percent of the world's processed pumpkin is canned in the Village of Morton, of course they would host a fantastic Pumpkin Festival. Morton Pumpkin Festival is held annually in September and spans Friday and Saturday, culminating on Sunday with a parade. Enjoy a carnival, beauty pageant, 10K run and two-mile walk, business expo, carnival cuisine, pumpkin decorating, pie-eating contest, and Libby recipe contest. In 2014, Aupperle and Sons, Garber Heating and Cooling and Grimm's Trucking were just a few local businesses who contributed to the festival.
Low housing prices! The average cost of all housing units in 2011 was $187,118; the average cost of apartments in five-or-more unit buildings was $127,858. Practically all types of dwellings may be found here, from ranch styles to mansions and manufactured housing. Morton is headquarters to Morton Buildings Inc. and there are many other builders for those looking to build a new home, including 309 Custom Builders and CORE Construction. Rent to own houses, seller financing, VA/FHA and traditional loans are all common financing methods.
Low cost of living and low population density! The cost of living index in Morton was around 85 percent in 2011, making it cheaper than the national average of 100 percent. There were approximately 1,348 people every square mile in 2011. By way of contrast, nearby Peoria had 2,605 people per square mile in 2011. Approximately 99 percent of the population is urban with one percent rural. Trails at Timber Oaks is one of the newest neighborhoods with new construction dwellings. You can find houses for rent on Birchwood Street, which has the added advantage of the scenic Birchwood Park. Main Street - which offers dozens of businesses like Lulu's on Main gift shop and Grimm Interiors - also has a residential district.