Rent to own Homes in Murray, KY
Rand McNally and USA Today gave Murray top honors as the Friendliest Small Town in America, so you can be sure you'll receive a warm welcome from its locals. Positioned near major cities such as Nashville, St. Louis, Louisville and Memphis, Murray is home to a variety of cultural venues, sights and happenings, from its Playhouse in the Park theater and Calloway County Quilt Trail to Murray State University.
Murray, KY is a great place for affordable rent-to-own homes! With a median household income of over $31,827 and a median rent of $674, the Murray, KY 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 Murray, KY. 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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Murray, KY is seeing rapid growth and Murray, KY's' housing market remains optimal with an average home price that is -27% below the 2024 national average. Murray, KY is part of Calloway 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 Calloway is 0.7% which is below the national average, which is 0.99%.
Median Home Price in Murray, KY
Median Rent in Murray, KY
Top Four Reasons to Live in Murray, Kentucky
Lots of outdoor and indoor entertainment! Murray is seated near Kentucky Lake and Barkley Lake, which make up a combined area of over 3,000 miles of water for fun in the sun. With a collection of parks, playgrounds and hiking trails, Murray is a town that's geared toward recreational pursuits. Bring your four-legged friend to Murray-Calloway County Dog Park or play a round of golf at the Frances E. Miller Memorial Golf Course, which is noted by The American Society of Golf Architects as one of the best designed 18-hole golf courses in the nation. Murray also has the distinction of being the only town in Kentucky to be named a "Playful City" by Playful City USA for providing ample playing opportunities for child wellness and development. Whether you crave boating, swimming, sports or simply taking in the scenery, Murray has more than enough activities to keep you occupied year round.
Low housing costs! If you're looking for a property to rent to own or buy outright, Murray has some of the best prices around. Low tax rates and an affordable cost of living makes Murray easy on your bank account without skimping on charm. The downtown area offers both modern and historical properties and a true sense of community, with beautiful Murray Main Street featuring Victorian architecture and easy access to the exciting Downtown Saturday Market.
Affordability! With a comfortable climate and bountiful recreational activities, the town has lots to offer to all of its residents, including affordable rental houses and homes for sale. In addition, several free or low cost entertainment options exist for locals and visitors, including free changing exhibits at Wrather West Kentucky Museum and scenic nature views at Murray State Arboretum.
Excellent quality of life! Dining options like Italian cuisine at Mugsy's Hideout and delectable baked goods at August Moon give the town added flavor, and shopping at the Vintage Rose Emporium provides hours of retail therapy. Art enthusiasts will adore the regular and diverse exhibits at the Clara M. Eagle Art Gallery, and Lovett Live (a concert series held annually at Lovett Auditorium) is a music-lover's dream come true.