Rent to own Homes in Mount Prospect, IL
Soaring Real Estate Prices: In 2013 to 2014, the values of Mount Prospect homes have appreciated by a full 13.3%. Zillow also expects local real estate to appreciate in the coming year. Listing prices have gone up accordingly. Plus, with Bosch and MetLife in the city, there are plenty of employment opportunities to keep the area bustling!
Mount Prospect, IL is a great place for affordable rent-to-own homes! With a median household income of over $84,353 and a median rent of $1,172, the Mount Prospect, 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 Mount Prospect, 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 Mount Prospect, IL Property Resources
Rent to own Homes in Cities Near Mount Prospect, 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
Neighborhoods in Mount Prospect, IL
Colonial Heights rent to own homes Hatlen Heights rent to own homesPopular Zip Codes in Mount Prospect, IL
60056 rent to own homesBuying a Home in Mount Prospect, IL
Mount Prospect, IL is seeing rapid growth and Mount Prospect, IL's' housing market remains not optimal with an average home price that is 53% above the 2024 national average. Mount Prospect, IL is part of Cook 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 Cook is 1.38% which is above the national average, which is 0.99%.
Median Home Price in Mount Prospect, IL
Median Rent in Mount Prospect, IL
Top 11 Reasons to Live in Mount Prospect
Higher Vacancy Rates and Higher Ownership Rates: In Mount Prospect, home ownership rates are sitting at 68.20%. This is a plus because it points to stable residents with long-term ties to the community. At the same time, the 5.83% vacancy rate suggests that there's plenty of room for those who want to move in and find a house quickly. Try looking for rent to own homes off the West Northwest Highway or Route 83!
Real Estate Market Making Strides: As of this writing, the per-square-foot cost of Mount Prospect real estate's sitting at $193. That's up quite a bit from the $164 asking price of 2013. With sales still recovering from the housing crisis, the jump in sales per square foot may indicate that the market's regaining its footing. Now would be a good time to explore the viability of a
rent to own purchase. You can find some great places near Busse Park or further south by Weller Creek.
Plenty of Parks: There's the baseball diamond and basketball court at Owen Park. Meanwhile, Aspen Trails Park has a tennis court. With Kopp Park, East Wedgewood Park, Melas Park, and Maple Trails Park also in the area, there's plenty of room to stretch your legs or participate in recreational activities.
Shop Until You Drop: Whether you're picking up groceries, buying clothes, or checking out screwdrivers for your next DIY project, Randhurst Mall Shopping Center has what you need and more. Just be sure to check the website before you head over. You never know when a wine-tasting or a sale could be coming up. Mount Prospect Plaza also has some great shops worth checking out!
Tee 'Em Up: Mount Prospect gives avid golfers a chance to bundle their love of the game with a chance for further relaxation. Mount Prospect Golf Course and the Old Orchard Country Club both offer interesting and challenging courses on the green as well as clubhouses and refreshments for those who aren't quite ready to leave.
Affordable Rent: As of 2011, the median cost of rent was $939. In 2014, median rental housing ranges anywhere from $854 to $1,075 depending on where you look. For future residents with an eye towards
rent to own homes, the reasonable rental costs are definitely an incentive. Look at rent to own houses near the Mount Prospect Golf Club or Big Bend Lake to find great deals!
Blues Bar and the Nightlife: Taking its name from a film called Blues Brothers, the Blues Bar with its massive beer selection is a favorite. If you're in the mood for a menu with more variety, the BlackFinn Grille's the place for you.
Try the Food: Speaking of fantastic food, the restaurants in Mount Prospect are all worth visiting at least once. Grab some sushi at Sakura or take your time enjoying some of the homemade ice cream from Capannari Ice Cream. For excellent Panini, Avanti Cafe's a local establishment that you'll fall in love with during your lunch break.
Rising Home Values! Don't be surprised to see rent to own houses being offered on a regular basis to new buyers here. Areas like the Mount Prospect Plaza and the Arlington Town Square Condos are wonderful spots to start looking for great houses.
Jump in on the lower Prices! Although it looks choppy in places on the chart, Mount Prospect real estate has actually been relatively stable on the whole. This is an excellent opportunity to purchase homes for less. Living near the Plum Grove Shopping Center and the Glen Town Center means having easy access to all the things you could need!