Rent to own Homes in Park Forest, IL
Located about an hour's drive south from downtown Chicago, Park Forest, Illinois, is a thriving community of around 22,000 residents. The city was immortalized as the ideal post-war (WWII) suburban community in 1954 by author Studs Terkel. Today, the tree-lined streets and easygoing atmosphere, within an easy commute of Chicago, make this a very attractive place to live. The City of Park Forest is also known for its annual "Scenic 5" 5K race.
Park Forest, IL is a great place for affordable rent-to-own homes! With a median household income of over $56,393 and a median rent of $1,247, the Park 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 Park 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 Park Forest, IL Property Resources
Rent to own Homes in Cities Near Park Forest, IL
- Alsip
- Blue Island
- Burnham
- Calumet City
- Calumet Park
- Cedar Lake
- Chicago Heights
- Country Club Hills
- Crestwood
- Crete
- Demotte
- Dyer
- East Chicago
- Evergreen Park
- Flossmoor
- Ford Heights
- Frankfort
- Frankfort Square
- Goodenow
- Griffith
- Hebron
- Highland
- Hobart
- Hometown
- Homewood
- Lakes of the Four Seasons
- Manteno
- Markham
- Matteson
- Merrionette Park
- Midlothian
- Mokena
- New Chicago
- Oak Forest
- Orland Park
- Palos Heights
- Park Forest
- Peotone
- Phoenix
- Portage
- Roselawn
- Sauk Village
- Schneider
- Shorewood Forest
- South Chicago Heights
- Steger
- Thayer
- Thornton
- Tinley Park
- Worth
Neighborhoods in Park Forest, IL
Park Forest rent to own homesPopular Zip Codes in Park Forest, IL
60466 rent to own homesBuying a Home in Park Forest, IL
Park Forest, IL is seeing rapid growth and Park Forest, IL's' housing market remains optimal with an average home price that is -66% below the 2024 national average. Park Forest, 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 Park Forest, IL
Median Rent in Park Forest, IL
Top 6 Reasons to Live in Park Forest, IL
Small-town feeling, big-city amenities! Park Forest combines the friendly accessibility of a small town with proximity to big-city cultural activities, such as the Chicago Art Institute, major league sports teams like the Chicago Cubs and the Chicago Bears, diverse shopping areas like North Michigan Avenue and River North and hospitals like Northwestern Memorial Hospital and Rush University Medical Center.
It's affordable to live there! Homes in Park Forest are surprisingly affordable, given the town's proximity to some of Chicago's pricey south suburbs. The median home value in Park Forest is $76,200, which is quite a bit lower than the national average of $223,600. A couple of the most desirable neighborhoods in Park Forest are the Lincoln Highway and Western Avenue neighborhoods. Both of these have a good selection of homes for rent.
Good public transportation! Given its compact size, it's pretty easy to get around Park Forest. In addition, Metra commuter rail trains connect the city with points throughout Cook County and Chicago via the 211th Street and Matteson Stations.
Support the Arts! For a town of its relatively small size, Park Forest offers a wide variety of cultural activities. The city is home to the Illinois Philharmonic Orchestra, the Na'ama Rose Dance Center and the Illinois Theatre Company.
Your choice of new developments! New single-family houses and condos are springing up all over Park Forest and offer some good opportunities for those looking for rent to own homes. Two of the more popular property developments are Hunters Ridge and Kearney Glen.
Parks galore! As the name implies, Park Forest contains a diverse collection of parks and green spaces. The City of Park Forest owns and manages more than 400 acres of green space, as well as an aquatic center and the Tennis and Health Center. Some of the most popular parks include Central Park Wetlands and Logan Park.