Rent to own Homes in Melrose, MA
Melrose is a small town, north of Boston, in Middlesex County, Massachusetts. Though originally explored by Europeans as early as 1628, Melrose was only officially incorporated as a town in 1850, after the Boston and Maine Railroad built three stops in the area. This rail corridor still serves Melrose as part of the MBTA Commuter Rail system, which enables some 27,000 residents to enjoy easy access to both work and play in the big city.
Melrose, MA is a great place for affordable rent-to-own homes! With a median household income of over $114,604 and a median rent of $1,638, the Melrose, MA 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 Melrose, MA. 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 Melrose, MA Property Resources
Rent to own Homes in Cities Near Melrose, MA
- Abington
- Andover
- Arlington
- Avon
- Bedford
- Belmont
- Beverly
- Boxford
- Braintree Town
- Brockton
- Burlington
- Carlisle
- Chelsea
- East Bridgewater
- East Weymouth
- Everett
- Georgetown
- Hanson
- Hingham
- Holbrook
- Hull
- Lawrence
- Lincoln
- Lynn
- Lynnfield
- Malden
- Marblehead
- Medford
- Melrose
- Methuen Town
- Middleton
- Nahant
- North Reading
- North Scituate
- Peabody
- Reading
- Revere
- Saugus
- Somerville
- Southfield
- Stoneham
- Swampscott
- Tewksbury
- Topsfield
- Wakefield
- West Concord
- Westford
- Wilmington
- Winchester
- Woburn
Neighborhoods in Melrose, MA
Cedar Park rent to own homes Melrose East Side rent to own homes Horace Mann rent to own homes Wyoming rent to own homes Downtown Melrose rent to own homes Mount Hood rent to own homes Oak Grove - Pine Banks rent to own homes Melrose Highlands rent to own homesPopular Zip Codes in Melrose, MA
02176 rent to own homesBuying a Home in Melrose, MA
Melrose, MA is seeing rapid growth and Melrose, MA's' housing market remains not optimal with an average home price that is 176% above the 2024 national average. Melrose, MA is part of Middlesex 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 Middlesex is 1.04% which is above the national average, which is 0.99%.
Median Home Price in Melrose, MA
Median Rent in Melrose, MA
Top 4 Reasons to Live in Melrose, MA
A historic city! The Melrose Town Center Historic District has been on the National Register of Historic Places since 1982. This district encompasses seven buildings, including City Hall, the main fire station, and Memorial Hall. This historic district is part of downtown Melrose, which is the city's central business district. The Melrose Public Library, founded by a large donation from Andrew Carnegie in the early 20th century, was added to the register in 1988.
Low property taxes! Currently, real estate taxes are set at $13.28 for residential and $18.51 for commercial properties; these rates are lower than in other cities in Massachusetts because Melrose is a suburban area. When you begin searching for a new home, Main Street is a good area to explore, as it offers a balance of city and suburban life. Upscale homes can be found near the Mount Hood and Bellevue Golf Clubs.
Outdoor recreation! Pine Banks Park features a natural forest area, as well as sports fields and open space for activities and events. Mount Hood Golf Club and Country Club is well known for offering summer fun on the links, but during winter features a ski area and sledding. Ell Pond freezes for skating and pick-up hockey games during the winter, as well. Melrose also borders Spot Pond and the extensive Middlesex Fells reservation, so there's no shortage of green space for residents to enjoy.
Rising property values! According to Zillow, the median home value in Melrose is $457,900, up over six percent from the previous year. This value is forecast to rise in the coming year, which makes Melrose a great place to invest. Gracious single-family homes can be found in the Melrose Highlands neighborhood on the north side of town, while more affordable rent to own options are available on the Malden line in The Fells, south of Wyoming Avenue.