Rent to own Homes in Hannibal, MO
A glance at Hannibal, a celebrated small town by the gushing Mississippi, should tell you where its favorite son, Mark Twain, got his inspiration from. With its friendly streets, river, hills, caves and nooks that offer plenty of substance to a young mind's imagination, Hannibal is a typical storybook town. Today, it's a thriving city with a modern community, yet when you settle into your rental home in Hannibal, you will realize that history is never far away.
Hannibal, MO is a great place for affordable rent-to-own homes! With a median household income of over $46,504 and a median rent of $664, the Hannibal, MO 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 Hannibal, MO. 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.
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Hannibal, MO is seeing rapid growth and Hannibal, MO's' housing market remains optimal with an average home price that is -48% below the 2024 national average. Hannibal, MO is part of Marion 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 Marion is 0.84% which is below the national average, which is 0.99%.
Median Home Price in Hannibal, MO
Median Rent in Hannibal, MO
Top 4 Reasons to Live in Hannibal, MO
Attractive cost of living! From rent to own homes to groceries, Hannibal has much lower costs when compared to other cities in Missouri. The median rental price is $421, significantly lower than most of the country. While the costs are low, the vacancy rate is high at 14.09 percent. With such a high vacancy rate, now is the time to buy. The Farmer's Market at Main Street will deliver your daily dose of healthy, affordable produce. There are also plenty of inexpensive things to do in Hannibal, such as exploring the Mark Twain Cave and Cameron Cave.
A thriving art community! Its central location and peaceful ambiance have made Hannibal popular with upcoming artists. Mainstreet in downtown Hannibal has plenty of small shops that display the work of artists who have made this neighborhood their home. Cafes and coffee shops like Java Jive are favorite haunts for people in the artist community, where they can meet and network. Hannibal is part of the 50 Miles of Art corridor.
Invest in "America's Hometown!" Nicknamed "America's Hometown" because of its association with several well-known names in America, including Mark Twain, Robert E Coontz, William Lear and John Rogers, Hannibal is one of those places where people are proud to say they belong. Real estate values are on the rise in Hannibal; the median home value in Hannibal is $81,857. Invest in a property before they get too high and proudly declare that you belong too. After settling down, you can visit places that are either associated with these celebrities or named after them, such as the Admiral Coontz Armory, Molly Brown Museum and Sawyer's Creek Fun Park.
Plenty of dining options! Perhaps because of its popularity among tourists, Hannibal has plenty of places where you can get good food, no matter what your budget is. From the upscale La Binnah Bistro, with its lovely atmosphere, to fresh homemade food that tastes delicious at the Becky Thatcher 3rd Street Diner, there are choices to suit different moods and occasions. There's variety, too; try wood-fired pizza at The Brick Oven, wonderful Chinese at Jet's Palace or Becky's Old Fashioned Ice Cream Parlor.