Rent to own Homes in Portland, ME

Portland, Maine, is seeing a comeback in the single-family home real estate market. In 2012, single home sales numbered 428, up from 374 in 2011. The median selling price for a single family home was $223,950. Rental property vacancy rates fell from 7.5 percent to hover around 2 percent over the last five years. Rent to own properties are difficult to come by. The average rent for a household leasing a two-bedroom apartment is $1,050 - an increase of 200 dollars over the past five years.

Portland, ME is a great place for affordable rent-to-own homes! With a median household income of over $61,695 and a median rent of $1,204, the Portland, ME 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 Portland, ME. 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.