Rent to own Homes in Rochester, MN
Rochester is in Olmstead County in southeastern Minnesota. It is the state's third largest city with a population of over 106,000. Rochester is positioned along the South Fork of the Zumbro River. It spans more than 40 square miles of land and has 100 parks, which is an average of nearly three city parks per square mile. Rochester is one of the state's fastest growing municipalities. The city has been recognized as one of the healthiest and best places to live in the country. The city has a burgeoning local economy and a talented work force. With 45 institutions of higher learning located within a 90 mile radius, graduates usually seek employment opportunities nearby. The community of Rochester is home to the world-renowned Mayo Clinic. The city is also recognized for its remarkable 85 miles of jogging-fitness trails.
Rochester, MN is a great place for affordable rent-to-own homes! With a median household income of over $76,034 and a median rent of $1,044, the Rochester, 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 Rochester, 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 Rochester, MN Property Resources
Rent to own Homes in Cities Near Rochester, MN
Neighborhoods in Rochester, MN
Northwest Rochester rent to own homes Golfview rent to own homes Lincolnshire - Arbor Glen rent to own homes John Adams rent to own homes Elton Hills rent to own homes Viking Park rent to own homes North River Court rent to own homes Viking HIlls rent to own homes Glendale rent to own homes Stonehedge Townhomes rent to own homesPopular Zip Codes in Rochester, MN
55903 rent to own homes 55902 rent to own homes 55901 rent to own homes 55905 rent to own homesBuying a Home in Rochester, MN
Rochester, MN is seeing rapid growth and Rochester, MN's' housing market remains not optimal with an average home price that is 1% above the 2024 national average. Rochester, MN is part of Olmsted 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 Olmsted is 1.09% which is above the national average, which is 0.99%.
Median Home Price in Rochester, MN
Median Rent in Rochester, MN
Top Reasons to Live in Rochester MN
Home Statistics Rochester's home sales figures encompass a range of property types. The range includes condos, townhomes and single family homes. The median home price in Rochester is just above $142,000. This sales price is lower than the national median home value of $152,000, and it's lower than the county of Olmstead median home value of $145,000. The average price of homes sold in Rochester is close to $142,000. This value is an indication that homes for sale and rent to own homes are affordable in Rochester compared to many other parts of the country. Approximately 67 percent of Rochester homes are owned and 37.5 percent are rented, while 5.8 percent are vacant.
Tourist Attractions Rochester's community draws in 1.5 million visitors a year, with many heading to Mayo Clinic. The city is built on hospitality and is a regional magnet because of its 100 city parks, which include Soldiers Field Park and Cabela's, where you can fish and hunt. Other attractions include the Minnesota Zoo, the Plummer House of the Arts, Cannon River Winery, Historic Bluff Country, Niagara Cave, Treasure Island Resort and Casino, and Commonweal Theatre Company.
Local Restaurants Rochester has over 165 restaurants serving cuisine adapted from cultures all over the globe. Whether it's African, American, Greek, Indian, Italian and Mexican, fine dining or fast-food, there is something here for everyone. Some of the local treats residents and visitors enjoy are:
Weather and Climate Rochester has a humid continental climate with warm summers, cold winters and no dry season. The city features four distinct seasons; Rochester has an average 30 inches of rainfall and 48 inches of snowfall per year. Significant snow accumulation is a natural occurrence during winter seasons. Spring and autumn are transitional seasons with a familiar pattern of general warming trends during spring and general cooling trends during autumn or the fall. It is not uncommon to see some snowfall in the early months of spring and the later months of fall. Despite the often inclement weather conditions, the city enjoys on average 200 sunny days, an average summer high temperature of 84 degrees and an average winter low temperature of 3 degrees.