Rent to own Homes in Prospect Heights, IL
Prospect Heights, Illinois has been attracting residents since January 1936. The city was first founded to provide cost-effective housing for local families during the Great Depression. While the city only had 16,246 residents in the 2010 census, it is part of the much larger Cook County Metropolitan Area that includes Chicago and the surrounding cities. Prospect Heights is only a short drive away from Lake Michigan, and residents have access to abundant recreational opportunities.
Prospect Heights, IL is a great place for affordable rent-to-own homes! With a median household income of over $72,500 and a median rent of $1,150, the Prospect Heights, 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 Prospect Heights, 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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Rent to own Homes in Cities Near Prospect Heights, 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 Prospect Heights, IL
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60070 rent to own homesBuying a Home in Prospect Heights, IL
Prospect Heights, IL is seeing rapid growth and Prospect Heights, IL's' housing market remains not optimal with an average home price that is 38% above the 2024 national average. Prospect Heights, 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 Prospect Heights, IL
Median Rent in Prospect Heights, IL
Top 4 Reasons to Live in Prospect Heights, IL
Rising home values! Homeowners in Prospect Heights have experienced rising values over the past several years. Between 2013 and 2014, the median home value climbed more than five percent to $204,700. The median list price per square foot was $169, which was slightly higher than the Chicago average of $133. Residents can choose houses for rent or homes for sale. Some of the most attractive communities within the larger city include areas around the Rolling Green Country Club and the Rob Roy Golf Course.
Great city parks! Residents of Prospect Heights have access to abundant parks and recreation areas. The city's largest, the Woodland Trails Park, has more than 46 acres and a driving range for local residents to enjoy. The Marvin S. Weiss Community Center is centrally located within the Woodlands Trail Park, and the facility has a gym, fitness club and preschool. Burning Bush Trails Park has a community center on more than 10 acres. The park includes a baseball field, floor hockey rink, basketball court and two tennis courts.
Affordable rentals! Rent to own homes make up a large part of the housing market in Prospect Heights. As of October 2014, more than 27 percent of the city's homes were rentals, and just under 72 percent were owner occupied. Because more than seven percent of properties are vacant, renters are sure to find plenty of opportunities. For some of the best rental areas, check out the neighborhoods of downtown or look in Lions Park or Westgate.
Abundant educational opportunities! As a suburb of the larger Chicago community, Prospect Heights is close to several colleges and universities in the surrounding area. Triton College has more than 4,000 students and offers a variety of programs. The largest college in the area is Harper College, which has nearly 7,000 undergraduate and graduate students.