Rent to own Homes in Palatine, IL
Located in Cook County, Illinois, Palatine is a suburb of Chicago. European-American George Ela first settled the area and built a log cabin called Deer Grove. Ela was at the forefront of pioneers who migrated to Northern Illinois after the Black Hawk War ended. Palatine was founded in 1855, and the community developed around a railway station on the newly opened Chicago and Northwestern Railway. The village was surveyed and designed by Joel Wood, who was the official founder of Palatine. Eleven years after its founding, Palatine incorporated as a village.
Palatine, IL is a great place for affordable rent-to-own homes! With a median household income of over $83,495 and a median rent of $1,236, the Palatine, 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 Palatine, 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 Palatine, IL Property Resources
Rent to own Homes in Cities Near Palatine, 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 Palatine, IL
Pepper Tree Farms rent to own homes Medallist Park rent to own homes Virginia Lake rent to own homes Merrills Homes rent to own homes Reseda rent to own homes English Valley rent to own homes Winston Park Northwest rent to own homes Fairgrounds Park rent to own homes Reseda West rent to own homes Palatine Manor rent to own homesPopular Zip Codes in Palatine, IL
60078 rent to own homes 60095 rent to own homes 60074 rent to own homes 60067 rent to own homesBuying a Home in Palatine, IL
Palatine, IL is seeing rapid growth and Palatine, IL's' housing market remains not optimal with an average home price that is 32% above the 2024 national average. Palatine, 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 Palatine, IL
Median Rent in Palatine, IL
Top Reasons to Live in Palatine IL
Palatine Housing Numbers As of 2009, the village has 26,217 residences. Owners live in 17,686 units, and renters occupy 7,867 homes. There are more than 300 rent to own homes in the inventory for Palatine, Illinois. Renters paid a median contract rent of $929 in 2009. The median value of a home in Palatine in 2009 was $304,400. Single-family detached homes had a median value of $417,053, while attached homes had a median value that was far less, at $242,687.
Palatine Weather and Climate Lake Michigan influences the weather and climate in Palatine. On average, the temperature in Palatine is 57.5 F. January is the coldest month, with temperatures averaging at 33.2 F and reaching lows of minus 1 F. August is the warmest month, with an average temperature of 80.4 F, but temperatures can reach as high as the high 90s to low hundreds. Precipitation is about 45 inches per year with August being the wettest month, delivering 13.84 inches of rain on average. The area is also subject to tornadoes.
Palatine School Systems The three districts that govern the schools in Palatine, Illinois, are NW Suburban Special Education Organization, Palatine CCSD 15 and Township HSD 211.
Palatine Neighborhoods Palatine is a very diverse area, with large homes on the southwest side of the village that are a stark contrast to the much more modest housing on the northeast side of town. Here are some neighborhoods to check out: