Rent to own Homes in Minnetonka, MN
People Make Good Incomes in Minnetonka! The average household income in Minnetonka is just under $85,500 annually. Therefore, whether you own your own home or reside in a rent to own property, you can enjoy a middle class lifestyle or better. Check out the Hopkins or Glen Lake neighborhoods.
Minnetonka, MN is a great place for affordable rent-to-own homes! With a median household income of over $100,363 and a median rent of $1,467, the Minnetonka, MN 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 Minnetonka, MN. 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 Minnetonka, MN Property Resources
Rent to own Homes in Cities Near Minnetonka, MN
- Anoka
- Apple Valley
- Bloomington
- Burnsville
- Cedar
- Chaska
- Circle Pines
- Columbus
- Coon Rapids
- Crystal
- Dayton
- Deephaven
- Eagan
- Eden Prairie
- Edina
- Falcon Heights
- Fridley
- Gem Lake
- Golden Valley
- Hamel
- Ham Lake
- Hanover
- Hilltop
- Hopkins
- Lauderdale
- Lexington
- Lilydale
- Lino Lakes
- Little Canada
- Long Lake
- Maple Grove
- Maplewood
- Mendota
- Minneapolis
- Minnetonka
- New Hope
- Nowthen
- Orono
- Osseo
- Plymouth
- Prior Lake
- Ramsey
- Rogers
- Shakopee
- St. Anthony
- St Paul
- Vadnais Heights
- Wayzata
- White Bear Lake
- Woodland
Neighborhoods in Minnetonka, MN
No neighborhoods foundBuying a Home in Minnetonka, MN
Minnetonka, MN is seeing rapid growth and Minnetonka, MN's' housing market remains not optimal with an average home price that is 66% above the 2024 national average. Minnetonka, MN is part of Hennepin 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 Hennepin is 1.14% which is above the national average, which is 0.99%.
Median Home Price in Minnetonka, MN
Median Rent in Minnetonka, MN
Top 10 Reasons to Live in Minnetonka
Most People Own their Own Homes! Most of the people who live in the city of Minnetonka own their homes (around 80%). Therefore, people seeking rent to own homes have a good chance of eventually owning their property. Currently, owner-occupied homes stand at just over 106,000. Great places to start your search include Cedar Lake Road and Excelsior Boulevard.
The Number of Rent to Own Houses and Rentals are Higher than the State and National Averages! Minnetonka also enjoys affordable rental rates as is evidenced by the number of people living in rent to own houses and apartments. Monthly rents average around $1,000. Renter-occupied homes number around 60,000 in the Hennepin County city while the state average is calculated at around half that amount. Check out rental properties in the City Center.
The Average Home Sales Price Has Continued to Climb Steadily! Current data shows that the average home value for selling a home in Minnetonka is $325,000, a price that's made a dramatic leap from the median home price in the early 90s, when the same home sold for under half that amount, or around $150,000. Find your dream home in Minnetonka Hills or Groveland.
The Crime Rate is Low in Minnetonka! Statistics also show that residents are, for the most part, safe and secure living in Minnetonka. That means lower rates on one's homeowner's insurance too. Find great rates at Farmer's Insurance on Ridgedale Drive or State Farm on Excelsior Boulevard.
Minnetonka is Home to One of the Best Places to Buy a Burger! Home of the Golden Nugget Tavern and Grille, Minnetonka is the place to go to enjoy a burger and beer. Not only does the neighborhood eatery sell the best burgers in town, it also features over 20 beers on tap.
Minnetonka Features Miles of Hiking Trails and Plenty of Greenery! Minnetonka boasts parks galore - thereby giving hikers, bikers and walkers lots of paths to see and explore. Main parks in the Minnetonka trail system include Big Willow Park (the smallest, containing 95 acres), Civic Center Park, Meadow Park, Lone Lake Park and Purgatory Park.
Skate to Your Heart's Content at the Minnetonka Ice Arena! Families can take part in ice skating activities year-round at Minnetonka's Ice Arena, which features figure skating, hockey, and public skating. Rest your tired muscles at the Spa at the Marsh.
Minnetonka Lake is a Bass-Fisherman's Paradise! If you want to find a great place to fish for bass, then you'll like being close to the source at Minnetonka Lake. Just want to hang around for a while? Head to Lake Minnetonka Park at Three Rivers.
Discover Some One-of-Kind Treasures at the General Store in Minnetonka! Known for its old-fashioned decor, Minnetonka's General Store is packed with great gift ideas and specialties. It is especially festive during Christmastime. Stop by the store and sample the retailer's famous chocolate chip cookies! The Ridgedale Center offers some premier shopping, too.