Rent to own Homes in Owatonna, MN

For a small city, Owatonna has made a big name for itself. Since it was founded in 1854, the city has grown to just over 25,000 residents living in about 10,000 households. One of Owatonna's biggest claims to fame is acting as host for the annual Steele County Free Fair - the largest free county fair in the state. Although Owatonna has the feeling of a small city, with 99 percent of residents living in an urban setting, the fair is still true to the city's roots. It originally featured prizes for wagons, livestock, and household tools, and today it remains focused on agriculture. However, in addition to checking out a wide variety of animals, visitors can now enjoy dozens of musical performances and hundreds of vendors.

Owatonna, MN is a great place for affordable rent-to-own homes! With a median household income of over $66,037 and a median rent of $811, the Owatonna, 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 Owatonna, 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.

Check out Owatonna, MN rent to own homes for sale, which may include auction properties, for sale by owner, and more.
Showing 1 - 44 of 176
1 of 14 224 W HOLLY ST
Rent To Own
 
Single Family Home
Owatonna, MN 55060
4
1
1133 ft2
1885
1 of 81 132 E NORTH ST
Rent to Own Eligible
 
Single Family Home
Owatonna, MN 55060
3
1
2521 ft2
1885
26255 DOUGLAS AVE
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
3
1
1380 ft2
1873
New
1562 ALDRICH CT
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
3
2
1217 ft2
1966
35 SAINT MARKS BAY
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
3
3
1359 ft2
1990
New
27 CRESTVIEW BAY
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
3
3
1248 ft2
1978
1409 ROBINWOOD LN
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
3
2
1248 ft2
1975
New
1210 WELLINGTON CRES
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
3
2
1223 ft2
1976
858 WESTWOOD DR
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
3
2
1144 ft2
1977
738 WILLOW ST
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
2
1
912 ft2
1981
Hot New
808 PRAIRIE AVE SW
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
4
3
1344 ft2
1960
New
7 BOTSFORD CIR
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
3
3
1874 ft2
1959
128 6TH AVE NW
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
3
2
1592 ft2
1890
1813 7TH ST NW
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
3
2
1524 ft2
1950
1 of 25 1106 SHUMWAY CT
Rent to Own Eligible
 
Townhouse/Condo
Faribault, MN 55021
5
3
3234 ft2
2002
New
1616 25TH AVE NW
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
4
2
1043 ft2
1985
2202 HULETT AVE
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
3
4
1261 ft2
2000
1 of 18 511 3RD ST
Rent to Own Eligible
 
Single Family Home
Claremont, MN 55924
3
1
2446 ft2
1972
New
14900 345TH AVE
Rent to Own Eligible
 
Single Family Home
Waseca, MN 56093
4
2
1372 ft2
1974
New
13046 565TH ST
Rent to Own Eligible
 
Single Family Home
West Concord, MN 55985
4
2
1895 ft2
1920
17500 ROBERDS LAKE CT
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
4
6
3661 ft2
1980
16571 BAGLEY AVE
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
4
5
2376 ft2
1973
609 19TH AVE NE
Rent to Own Eligible
 
Single Family Home
Waseca, MN 56093
3
2
1170 ft2
1976
1 of 28 1205 6TH ST SE
Rent to Own Eligible
 
Single Family Home
Waseca, MN 56093
4
2
2117 ft2
1968
404 PTARMIGAN CT
Rent to Own Eligible
 
Single Family Home
Waseca, MN 56093
3
2
1194 ft2
1989
301 18TH AVE NE
Rent to Own Eligible
 
Single Family Home
Waseca, MN 56093
2
1
1152 ft2
1989
606 STATE ST N
Rent to Own Eligible
 
Single Family Home
Waseca, MN 56093
3
3
1951 ft2
1957
1 of 71 429 1ST ST NW
Rent to Own Eligible
 
Single Family Home
Blooming Prairie, MN 55917
4
2
2392 ft2
1969
New
543 RED WING AVE
Rent to Own Eligible
 
Single Family Home
Kenyon, MN 55946
4
1
1732 ft2
1910
812 5TH ST SW
Rent to Own Eligible
 
Single Family Home
Waseca, MN 56093
4
3
1183 ft2
1958
6820 FRENCH LAKE CT
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
4
5
2163 ft2
2016
Hot
204 5TH AVE NE
Rent to Own Eligible
 
Single Family Home
Blooming Prairie, MN 55917
4
2
1622 ft2
1890
1 of 68 636 E MAIN ST
Rent to Own Eligible
 
Single Family Home
Blooming Prairie, MN 55917
5
2
3000 ft2
1976
New
821 9TH AVE NW
Rent to Own Eligible
 
Single Family Home
Waseca, MN 56093
3
1
1504 ft2
1975
109 LAKE ST NW
Rent to Own Eligible
 
Single Family Home
Waseca, MN 56093
3
3
1530 ft2
1968
5185 124TH CT E
Rent to Own Eligible
 
Single Family Home
Northfield, MN 55057
2
3
1676 ft2
1991
11542 CIRCLE RIDGE CT
Rent to Own Eligible
 
Single Family Home
Faribault, MN 55021
2
5
2064 ft2
2005
New
210 ARNOLD ST
Rent to Own Eligible
 
Single Family Home
West Concord, MN 55985
3
1
1344 ft2
1916
15888 JACKSON AVE
Rent to Own Eligible
 
Single Family Home
Montgomery, MN 56069
2
3
1437 ft2
2000
905 FREEMONT ST E
Rent to Own Eligible
 
Single Family Home
Waterville, MN 56096
5
4
2199 ft2
2001
New
2838 OAK LAWN DR
Rent to Own Eligible
 
Single Family Home
Northfield, MN 55057
4
4
2372 ft2
2006
1 of 32 319 GRINDSTONE LN
Rent to Own Eligible
 
Single Family Home
Dundas, MN 55019
5
5
1512 ft2
2002
1125 HERITAGE DR
Rent to Own Eligible
 
Townhouse/Condo
Northfield, MN 55057
2
3
1450 ft2
1991
New
700 GRANITE WAY
Rent to Own Eligible
 
Single Family Home
Dundas, MN 55019
5
4
1351 ft2
2017
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55060 rent to own homes

Buying a Home in Owatonna, MN

Owatonna, MN is seeing rapid growth and Owatonna, MN's' housing market remains optimal with an average home price that is -21% below the 2024 national average. Owatonna, MN is part of Steele 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 Steele is 1.04% which is above the national average, which is 0.99%.

Median Home Price in Owatonna, MN

Median Rent in Owatonna, MN

Rent to own homes offer low monthly payments and flexible terms.

4 Reasons Why There's Something for Everyone in Owatonna, MN

Step back in time! One of the city's most interesting attractions, the Minnesota State Public School Orphanage Museum, dates back to 1886. It was once the Minnesota State Public School for Dependent and Neglected Children, and by the time it closed in 1945, more than 10,000 children had lived on the campus. In addition to the museum, the buildings now house some of the city's administrative offices, as well as several non-profits like the Owatonna Arts Center.

Easy access to the arts! Owatonna has a thriving arts community. Since 1966, city residents from every profession have tested their talents onstage at the Little Theatre of Owatonna. Volunteers and patrons often stop for a bite at the nearby family-owned Kernel Restaurant before enjoying the latest performance.

Keep cost-of-living down! In 2012, the average purchase price of a single-family detached home was $168,464, while townhouses and condos were approximately $149,241. Median real estate property taxes were approximately $1,700. As a result, rental house prices are quite reasonable, at a median gross rate of $689 per month. Recreational activities are easily accessible throughout the city, from the popular Brooktree Golf Course to the large Kaplan's Wood Park.

Enjoy architectural variety! While the city is bursting with historical buildings, particularly in the downtown area, many new houses were constructed between 2002 and 2006 in the northeast section of town. Whether in search of a rent to own home or a house to purchase outright, it is easy to find the perfect fit for any taste. Lovers of history will enjoy a visit the National Farmer's Bank building, one of the few pristine examples of Prairie School Architecture remaining. Other opportunities to examine historical architecture include the Village of Yesteryear and the Historic Walking Tour.