Rent to own Homes in New Milford, NJ
The borough of New Milford is known as the "Birthplace of Bergen County" and was formed in 1922 from the remains of the Palisades Township. It may have originally been named after Milford, Pennsylvania. Today, New Milford is home to over 16,000 residents and covers a total area of 2.3 square miles. It is the home of the Fontanesisters, singers of the 1951 hit "The Tennessee Waltz".
New Milford, NJ is a great place for affordable rent-to-own homes! With a median household income of over $94,821 and a median rent of $1,442, the New Milford, NJ 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 New Milford, NJ. 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 New Milford, NJ Property Resources
Rent to own Homes in Cities Near New Milford, NJ
- Airmont
- Astoria
- Avenel
- Bardonia
- Bogota
- Boonton
- Chestnut Ridge
- Colonia
- Congers
- Connecticut Farms
- Corona
- Elizabeth
- Fords
- Garwood
- Grand View-on-Hudson
- Great Neck Estates
- Harrison
- Hillburn
- Hillcrest
- Hollis
- Jackson Heights
- Kearny
- Kenilworth
- Linden
- Llewellyn Park
- Madison
- Middle Village
- Mount Ivy
- Nanuet
- New Square
- North Caldwell
- Orangeburg
- Pearl River
- Perth Amboy
- Piermont
- Rahway
- Richmond Hill
- Roselle
- Saint Albans
- Secaucus
- Sewaren
- Sparkill
- Springfield
- Spring Valley
- Tappan
- Tuxedo Park
- Watchung
- Wesley Hills
- West Haverstraw
- William Paterson University Of New Jersey
Neighborhoods in New Milford, NJ
New Milford rent to own homesPopular Zip Codes in New Milford, NJ
07646 rent to own homesBuying a Home in New Milford, NJ
New Milford, NJ is seeing rapid growth and New Milford, NJ's' housing market remains not optimal with an average home price that is 99% above the 2024 national average. New Milford, NJ is part of Bergen 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 Bergen is 1.76% which is above the national average, which is 0.99%.
Median Home Price in New Milford, NJ
Median Rent in New Milford, NJ
4 Reasons to Live in New Milford, New Jersey
Home appreciation is on the rise! Over the last twelve months, home values in New Milford have risen 4.7 percent, just a point less than the national average. For the most reasonable home prices, search the New Bridge neighborhood where you'll find single family homes for the median price of $386,102. The New Bridge neighborhood is also the location of the popular Bagel Factory and Golden China restaurants.
Recent job growth is positive! Job hunters can take comfort in the fact that unemployment in New Milford is less than the national average at 5.2 percent. Recent job growth in the area is positive, and has increased by 1.04 percent. Most residents of New Milford work in sales, offices or administrative support, but a large percentage of residents are also employed in management, business or finance.
Owner occupation is higher than average! In New Milford, most residents own their own homes. If you're looking for the unique rent to own opportunity you've been dreaming of, there are several neighborhoods to choose from. Vacancies are low, but your best chance of finding a home in New Milford is in the River Road/Madison Avenue neighborhood, home to Sopranos Pizzeria and the New Milford Athletic Club, or in New Bridge.
Short commutes to work! Residents of New Milford enjoy a short commute time in comparison to the national average. Most residents drive 30 minutes or less to their place of employment. It's not necessary to own a car when you live in New Milford, though, and many residents take the bus on a daily basis. Although many residents travel the roadways for their daily commute, numerous places in the borough are accessible by foot. The Quick Shop convenience store and Valley National Bank can both easily be accessed by foot, for those who would rather walk than drive.