Rent to own Homes in Hammond, IN
Located in Lake County, Hammond, Indiana, is part of the Chicago Metropolitan area and has a population of over 80,000 people. As the story goes, a butcher by the name of George Henry Hammond was a pioneer in the use of refrigerated rail cars for the transport of fresh meat from city to city. A great location with fresh water led to the industrialization of the area with George H. Hammond Co.'s meat packing plant. By 1875, Mr. Hammond was selling nearly 2 million dollars worth of meat from his packing plant, and by 1884, the city was incorporated and named after the butcher/ entrepreneur, Mr. Hammond.
Hammond, IN is a great place for affordable rent-to-own homes! With a median household income of over $46,974 and a median rent of $883, the Hammond, IN 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 Hammond, IN. 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 Hammond, IN Property Resources
Rent to own Homes in Cities Near Hammond, IN
- Alsip
- Bedford Park
- Bellwood
- Bridgeview
- Broadview
- Burbank
- Burnham
- Burr Ridge
- Calumet Park
- Chicago
- Chicago Heights
- Countryside
- Crestwood
- Dixmoor
- Flossmoor
- Forest Park
- Frankfort
- Frankfort Square
- Franklin Park
- Hazel Crest
- Hinsdale
- Hodgkins
- Hometown
- Homewood
- La Grange Park
- Markham
- Maywood
- Melrose Park
- Merrionette Park
- Midlothian
- Mokena
- Norridge
- Northlake
- Oak Forest
- Oak Lawn
- Olympia Fields
- Palos Heights
- Palos Park
- Park Forest
- Phoenix
- River Grove
- Schiller Park
- South Chicago Heights
- Steger
- Thornton
- Tinley Park
- Westchester
- Willow Springs
- Wilmette
- Worth
Neighborhoods in Hammond, IN
Hyde Park rent to own homes Roselawn Forest Heights Historic District rent to own homes Forest Southview Historic District rent to own homes Glendale Park Historic District rent to own homes Forest Moraine Historical District rent to own homes Downtown Hammond rent to own homes Indi Illi Park Historic District rent to own homes Harrison Park Historic District rent to own homes Pulaski Park rent to own homesPopular Zip Codes in Hammond, IN
46323 rent to own homes 46324 rent to own homes 46327 rent to own homes 46320 rent to own homes 46394 rent to own homesBuying a Home in Hammond, IN
Hammond, IN is seeing rapid growth and Hammond, IN's' housing market remains optimal with an average home price that is -55% below the 2024 national average. Hammond, IN 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 1.37% which is above the national average, which is 0.99%.
Median Home Price in Hammond, IN
Median Rent in Hammond, IN
Top Reasons to Live in Hammond IN
Housing Statistics The median home price within the city of Hammond is $97,800. The median rent is $736 per month. The rental vacancy rate is quite high, hovering at 13.4%, leaving many structures unoccupied and ready for quick rental or rent to own opportunities for prospective buyers.
Local Sports While you are in Hammond, visit the Hammond Sports Hall of Fame. The Hammond Sports Hall of Fame just inducted another eight members into its hallowed halls in March of 2013, honoring those who played football, baseball, basketball, wrestling and track and field. There are no professional teams in Hammond; you have to travel into Chicago for that. But the city does cheer hard for its high school squads.
Shopping in Hammond The South Shore has a plethora of local shops, events, sports and attractions to keep locals and tourists alike, busy all year round! Starting with Cabela's 185,000 square foot showroom filled with aquariums, outdoor gear and educational areas, it's easy to see that this city loves getting outside to enjoy nature! However, if you'd rather spend your time browsing and shopping, try stopping in at Prickly Pear Furnishings for a look at handcrafted, custom made artistic pieces of furniture to add to your space. If you would rather stick to clothing and accessories, another local favorite is a shop called It's Just Serendipity, which features hand made items, vintage clothing, accessories and gifts for even those with finicky tastes.
Hammond Neighborhoods Here are two Hammond neighborhoods you should know about: