Rent to own Homes in Richfield, MN
Richfield is a city of around 35,000 people and is located close to the Minneapolis-St. Paul downtown area. This locale that has gained a reputation for being one of the Midwest's friendliest and most progressive places to live. This area is filled with attractive homes, clean streets and all kinds of exciting entertainment options. You can catch a movie at the AMC Southdale 16 and follow it up with a beer at Sandy's Tavern. You can easily get downtown by hopping on I-35 and cruising straight up into the city on weekends.
Richfield, MN is a great place for affordable rent-to-own homes! With a median household income of over $70,091 and a median rent of $1,150, the Richfield, 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 Richfield, 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 Richfield, MN Property Resources
Rent to own Homes in Cities Near Richfield, MN
- Anoka
- Apple Valley
- Bloomington
- Burnsville
- Cedar
- Circle Pines
- Columbus
- Coon Rapids
- Crystal
- Dayton
- Deephaven
- East Bethel
- Edina
- Elko New Market
- Falcon Heights
- Fridley
- Gem Lake
- Golden Valley
- Hamel
- Ham Lake
- Hilltop
- Hopkins
- Hugo
- Lake Elmo
- Lauderdale
- Lexington
- Lilydale
- Lino Lakes
- Little Canada
- Long Lake
- Maple Grove
- Maplewood
- Mendota
- Minneapolis
- Minnetonka
- New Hope
- Oakdale
- Orono
- Osseo
- Plymouth
- Prior Lake
- Ramsey
- Rogers
- Shakopee
- St. Anthony
- St Paul
- Vadnais Heights
- Wayzata
- White Bear Lake
- Woodland
Neighborhoods in Richfield, MN
Northwest Richfield rent to own homes Southwest Richfield rent to own homes Southeast Richfield rent to own homes Northeast Richfield rent to own homesPopular Zip Codes in Richfield, MN
55423 rent to own homesBuying a Home in Richfield, MN
Richfield, MN is seeing rapid growth and Richfield, MN's' housing market remains not optimal with an average home price that is 11% above the 2024 national average. Richfield, 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 Richfield, MN
Median Rent in Richfield, MN
Top 3 Reasons to Move to Richfield, MN
The Mall of America! Did you know that the Mall of America, a shopping center with 400 stores, is located just a few minutes from your soon-to-be home in Richfield? It's the largest mall in the United States and is often regarded as both a mall and an amusement park. Residents find themselves spending a lot of time here when winter rears its head. If you're not in the mood for such a large retail shopping center, you can opt for the less overwhelming shopping experiences at Market Plaza or the Richfield Hub and West Shopping Center.
Population on the rise! The population of Richfield just keeps on growing, and the community is very welcoming of newcomers. There are both residential and commercial areas in a very attractive layout with an aesthetic appeal to many folks. Because the population is continuing to grow, there are more homes and apartments being built all the time. Check out some of the developments near Richfield Lake Park if you like a pretty lakeside setting or by Veterans Memorial Park if you would like to be near the Crosstown Highway for easy access.
Low real estate taxes! The average real estate taxes here are just around 1%, a rate that is much lower than other areas in the state. Saving money on home costs and taxes means you can take advantage of all the other opportunities the city has to offer. Check out the Museum of Russian Art and the James Hill House to soak in the culture. Splurge on a delectable dinner at Corner Table or Jensen's Food and Cocktails, two of the area's fine dining restaurants. Rent to own homes let you take advantage of these amenities and more in this up and coming area.