Rent to own Homes in Schaumburg, IL
Schaumburg is a city in Cook County, Illinois. It is classified as part of the Chicago metropolitan area. The city has an official population of 75,386 inhabitants. Native American tribes originally settled in Schaumburg, followed by European settlers in the 19th century. The city was incorporated in 1956.
Schaumburg, IL is a great place for affordable rent-to-own homes! With a median household income of over $82,387 and a median rent of $1,458, the Schaumburg, 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 Schaumburg, 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 Schaumburg, IL Property Resources
Rent to own Homes in Cities Near Schaumburg, IL
- Addison
- Barrington
- Barrington Hills
- Batavia
- Bensenville
- Berkeley
- Boulder Hill
- Bull Valley
- Campton Hills
- Carpentersville
- Clarendon Hills
- Deer Park
- Des Plaines
- Downers Grove
- Dundee
- East Dundee
- Elgin
- Elk Grove Village
- Elmhurst
- Fox Lake
- Fox River Grove
- Glendale Heights
- Grayslake
- Hainesville
- Hampshire
- Hawthorn Woods
- Holiday Hills
- Indian Creek
- Kildeer
- Lake Barrington
- Lake in the Hills
- Lakemoor
- Lincolnshire
- McCullom Lake
- Mettawa
- Mundelein
- North Barrington
- Northbrook
- Palatine
- Pingree Grove
- Port Barrington
- Riverwoods
- Round Lake
- St. Charles
- Trout Valley
- Volo
- Wauconda
- West Chicago
- West Dundee
- Woodridge
Neighborhoods in Schaumburg, IL
Weathersfield West rent to own homesPopular Zip Codes in Schaumburg, IL
60168 rent to own homes 60173 rent to own homes 60193 rent to own homes 60194 rent to own homes 60195 rent to own homesBuying a Home in Schaumburg, IL
Schaumburg, IL is seeing rapid growth and Schaumburg, IL's' housing market remains not optimal with an average home price that is 20% above the 2024 national average. Schaumburg, 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 Schaumburg, IL
Median Rent in Schaumburg, IL
Top Reasons to Live in Schaumburg IL
Housing Statistics Schaumburg has a median sales price of $138,000 for May 13 to July 13. This figure was based on 269 individual sales. In comparison to the same stretch in the year prior, this is a decrease of 6.4%. The average price per square foot of housing in the area is $147, which is an increase of 0.7% since last year. The number of homes being sold in the city has increased significantly by 31.9%. At the moment, Schaumburg has 248 resale and new homes available, and a further 822 homes which are in auction, pre-foreclosure or owned by the bank. The average listing price was recorded at $258,855 for the week of August 14. This shows an increase of 2.5% since the last week. Around the area, renters take up a total of 30.22% living space. 6.16% of houses in the area are unoccupied. These houses are available to rent, buy, or rent to own.
Local Shopping Local shopping provides a rich variety of choices within the city. Shopping centers frequented by locals include Weatherway Plaza, Weathersfield Commons, Schaumburg Town, Schaumburg Plaza, Salem Plaza and Scharrington Square. Here, shoppers will find a range of retail stores, food outlets and more.
Weather and Climate Schaumburg generally has a warm and mild climate. The highest temperature ever recorded is 105 degrees Fahrenheit. The city gets around 32 inches of rain every year, while the U.S average is 37. August tends to be the rainiest month, while July tends to be the warmest. The average July temperature is 86 degrees. There is generally a lot of sun, with 189 clear days every year. Precipitation on any level occurs on 126 days each year. Humidity is just above U.S average, measured at 47 out 100 on the U.S comfort index.
Largest Employers and Industries The most prominent industries in Schaumburg are as follows: Professional, scientific and technical services make up 12% of the local economy. Finance and insurance services are second at 7%. Construction is third with 6% and electronic products fourth with 5%. After these four, large industries include food services, accommodation, broadcasting and education. Within the city, the largest employers are 7-Eleven, Jewel-Osco, American Eagle Outfitters, AT&T, Jones New York New Balance and McDonalds.
Local Events and Festivals There are many local events and festivals within Schaumburg. The famous Septemberfest never fails to entertain both locals and visitors every year with the arts & crafts show, an 18-ride carnival, fireworks and much more. Check out the Youth Programs at the Prairie Center as well. Here, visitors can enjoy the Schaumburg Youth Orchestra, the Schaumburg Dance Ensemble, The Screen Test Student Fest and the Schaumburg Summer Theatre.