Rent to own Homes in Elyria, OH
The Black River! Elyria is located on the Black River, a 12-mile long tributary of Lake Erie. The river offers a number of recreational opportunities, including fishing at the Black River Nature Reservation and hiking at Cascade Park.
Elyria, OH is a great place for affordable rent-to-own homes! With a median household income of over $43,816 and a median rent of $740, the Elyria, OH 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 Elyria, OH. 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 Elyria, OH Property Resources
Rent to own Homes in Cities Near Elyria, OH
- Amherst
- Avon
- Avon Lake
- Bay Village
- Berea
- Berlin Heights
- Beulah Beach
- Birmingham
- Brookpark
- Brook Park
- Brunswick
- Cleveland
- Columbia Station
- Eaton Estates
- Elyria
- Fairview Park
- Grafton
- Kipton
- LaGrange
- Lakewood
- Litchfield
- Lorain
- Middleburg Heights
- Mitiwanga
- North Olmsted
- North Ridgeville
- Oberlin
- Olmsted Falls
- Pheasant Run
- Rocky River
- Sheffield
- Sheffield Lake
- South Amherst
- Spencer
- Strongsville
- Valley City
- Vermilion
- Wakeman
- Wellington
- Westlake
Neighborhoods in Elyria, OH
Downtown Elyria rent to own homesPopular Zip Codes in Elyria, OH
44035 rent to own homesBuying a Home in Elyria, OH
Elyria, OH is seeing rapid growth and Elyria, OH's' housing market remains optimal with an average home price that is -51% below the 2024 national average. Elyria, OH is part of Lorain 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 Lorain is 1.35% which is above the national average, which is 0.99%.
Median Home Price in Elyria, OH
Median Rent in Elyria, OH
Top 11 Reasons to Live in Elyria
Affordable Housing! The median home value in Elyria for 2013 was a nice $84,900. A few of the most desirable neighborhoods in Elyria are the E. Royalton Rd. and W. River Rd. areas; there are even a few rent to own homes in these communities.
A Rebounding Economy! Elyria, like much of the Great Lakes region, was hit hard by the economic down turn of the early 21st century. However, the city's economy is booming today, with new jobs and new businesses coming into town. Some of the area's top employers are Mercy Regional Medical Center and The RidgeTool Company.
Lots of Rental Properties! Rental properties, including rent to own houses, make up nearly 25% of the housing stock in Elyria. Neighborhoods with lots of rentals include the Gulf Rd. and Midway Mall areas.
The Library System! Elyria is part of the Clev-Net library system, one of the best-rated library systems in the United States. Libraries in the group share books from hundreds of member institutions within northeast Ohio. If you want to borrow a book, you can easily do so at the North Branch Library on Abbe Rd. and the Elyria Public Library (main branch) on Washington Ave.
Low Property Taxes! Property taxes in Elyria are lower than the state average. The average Elyria homeowner pays $1,524 in property taxes annually. A few of the Elyria communities with single-unit homes include the Avon/Beldon Rd. and LaPorte areas.
Parks, Parks and More Parks! The City of Elyria owns and operates a collection of 13 city parks, including an ice rink and two community centers. The most popular parks include the 135-acre Cascade Park and the 35-acre North Park Sports Complex.
The Arts! Elyria is near some of the best cultural institutions in the United States, such as the Cleveland Orchestra, the (free) Cleveland Museum of Art, and the Rock and Roll Hall of Fame.
New Construction! New homes are adding to the diverse array of housing available in Elyria. New home construction projects include Fairfield Estates or the Crossing at Martin's Run. With a 9.86% vacancy rate, it'll be a little easier to find a rent to own property in one of these new developments.
Restaurants Galore! Love to eat? Well, so does Elyria! Stop by Midway Oh Boy for the Oh Boy Sandwich, Wolfeys Pub & Bistro for some wine and beer, or Smitty's Place for a classic burger.
It's Easy to Get Around! Elyria is located right on I-80/90 and U.S. 2, which makes getting around the region easy. In addition, the Lorain County Transit provides public bus transportation between Elyria and points throughout Lorain County.