Rent to own Homes in Waukegan, IL
Millions of Americans first discovered the lakeside city of Waukegan, Illinois, thanks to local boy Jack Benny. A revitalized shoreline, dynamically diverse population, and bustling economy make this city a place that demands the attention of the new generation of home seekers. Located on the shores of Lake Michigan, Waukegan bills itself as an "Arts-Friendly Community" and offers a range of cultural and enrichment opportunities.
Waukegan, IL is a great place for affordable rent-to-own homes! With a median household income of over $53,778 and a median rent of $976, the Waukegan, 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 Waukegan, 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 Waukegan, IL Property Resources
Rent to own Homes in Cities Near Waukegan, IL
- Antioch
- Bannockburn
- Bohners Lake
- Bristol
- Browns Lake
- Bull Valley
- Burlington
- Caledonia
- Camp Lake
- Carpentersville
- Eagle Lake
- Fox Lake
- Gages Lake
- Genoa City
- Grayslake
- Green Oaks
- Hainesville
- Hawthorn Woods
- Highland Park
- Highwood
- Holiday Hills
- Indian Creek
- Knollwood
- Lake Barrington
- Lake Catherine
- Lake in the Hills
- Lake Ivanhoe
- Lakemoor
- Lake Villa
- Lily Lake
- Lincolnshire
- Long Lake
- McCullom Lake
- Mundelein
- Old Mill Creek
- Paddock Lake
- Palatine
- Park City
- Pistakee Highlands
- Port Barrington
- Richmond
- Rochester
- Round Lake
- Solon Mills
- Sturtevant
- Union Grove
- Volo
- Wauconda
- Wilmot
- Winthrop Harbor
Neighborhoods in Waukegan, IL
The Greens At Midlane North rent to own homes Lewis Avenue rent to own homes Lake Cogardens rent to own homes Lyon Grove rent to own homes Bowl Haven rent to own homes Waukegan Gardens rent to own homes Pine Trail Estates rent to own homes Dunlay Meadows rent to own homes Hidden Glen rent to own homes Lorraine Terrace rent to own homesPopular Zip Codes in Waukegan, IL
60079 rent to own homes 60085 rent to own homes 60087 rent to own homesBuying a Home in Waukegan, IL
Waukegan, IL is seeing rapid growth and Waukegan, IL's' housing market remains optimal with an average home price that is -35% below the 2024 national average. Waukegan, IL is part of Lake 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 Lake is 2.19% which is above the national average, which is 0.99%.
Median Home Price in Waukegan, IL
Median Rent in Waukegan, IL
Top Reasons to Live in Waukegan IL
Waukegan Housing Market Waukegan is a medium-large city, with a population of over 89,000. Home values are $165,200, which is just below the state average. Owners occupy approximately 62% of residential homes. Perhaps owing to the recent influx in residents, residential turnover rates are 16% per year, while less than 85% of locals have been residing in their homes for more than 5 years. Rental rates are lower than other regional cities, at $821 per month.
Commuting from Waukegan While Waukegan supplies a wide range of employment opportunities for its residents, the nearby metropolises of Milwaukee and Chicago lie within reasonable commuting range. I-94 connects Waukegan directly to both cities, each of which is reachable in about an hour. If you'd prefer to leave your car at home, the Union Pacific North Line provides rail service to downtown Chicago.
Waukegan Attractions Waukegan is located on the shores of a Great Lake, meaning you'll find ample water-based recreational opportunities. But the city has much more to offer its residents and tourists than motor boats and ice fishing, including:
Waukegan Neighborhoods Waukegan is the 9th largest city in Illinois and is filled with an array of ethnically-diverse and culturally varied neighborhoods. Here is a rundown on five of the best places to call home: