Rent to own Homes in Silver Spring, MD
Since Silver Spring is a place where many who work in Washington, D.C. actually live, the cost of homes is not cheap. The average cost of a home is $425,000, almost double the cost of homes in other parts of Maryland. If you choose to rent, the cost to rent an apartment or house is not much better at almost $1,400 per month. But renting may be your best bet. Unlike many cities, there are more renters in the city than home owners. Fifty-two percent of the residents rent and 47 percent own their homes.
Silver Spring, MD is a great place for affordable rent-to-own homes! With a median household income of over $88,274 and a median rent of $1,682, the Silver Spring, MD 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 Silver Spring, MD. 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 Silver Spring, MD Property Resources
Rent to own Homes in Cities Near Silver Spring, MD
- Annapolis Junction
- Bensville
- Camp Springs
- Cedar Heights
- Cheltenham
- Clarksville
- Cooksville
- Damascus
- Dayton
- Difficult Run
- Flower Hill
- Fort Washington
- Four Corners
- Glenarden
- Great Falls Crossing
- Greenbelt
- Halethorpe
- Hanover
- Konterra
- Lake Arbor
- Langley Park
- Laytonsville
- Linthicum Heights
- Marlboro Meadows
- Marlboro Village
- Maryland City
- Maryland Park
- Melwood
- Mitchellville
- Morningside
- National Harbor
- New Carrollton
- North Brentwood
- Parole
- Peppermill Village
- Queenland
- Sandy Spring
- Seat Pleasant
- Severna Park
- Silver Hill
- South Laurel
- Takoma Park
- Temple Hills
- University Park
- Upper Marlboro
- Washington Navy Yard
- West Friendship
- Wheaton
- White Plains
- Woodbine
Neighborhoods in Silver Spring, MD
Oakview rent to own homes Woodside Park rent to own homes Woodside rent to own homes Indian Spring rent to own homesPopular Zip Codes in Silver Spring, MD
20907 rent to own homes 20911 rent to own homes 20910 rent to own homesBuying a Home in Silver Spring, MD
Silver Spring, MD is seeing rapid growth and Silver Spring, MD's' housing market remains not optimal with an average home price that is 142% above the 2024 national average. Silver Spring, MD is part of Montgomery 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 Montgomery is 0.76% which is below the national average, which is 0.99%.