Rent to own Homes in Painesville, OH
Painesville, located on the Grand River about 40 minutes east of Cleveland, combines the best of small town living with easy access to big city amenities, including world-class health care at the Cleveland Clinic and art centers like the Cleveland Museum of Art and the Cleveland Orchestra. The city of around 19,000 residents has a rich history, with a large collection of 19th-century Victorian buildings and historic sites like Rider's Inn, once a stop on the Underground Railroad.
Painesville, OH is a great place for affordable rent-to-own homes! With a median household income of over $47,259 and a median rent of $826, the Painesville, 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 Painesville, 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.
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Rent to own Homes in Cities Near Painesville, OH
- Bass Lake
- Bedford Heights
- Bentleyville
- Boston Heights
- Broadview Heights
- Brooklyn
- Chardon
- Chesterland
- Cuyahoga Falls
- Euclid
- Glenwillow
- Grand River
- Highland Heights
- Hudson
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- Kirtland
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- Lyndhurst
- Macedonia
- Mantua
- Maple Heights
- Mentor-on-the-Lake
- Middleburg Heights
- Moreland Hills
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- Painesville
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- Peninsula
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- South Euclid
- South Russell
- Stow
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Neighborhoods in Painesville, OH
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Painesville, OH is seeing rapid growth and Painesville, OH's' housing market remains optimal with an average home price that is -48% below the 2024 national average. Painesville, OH is part of Lake 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 Lake is 1.54% which is above the national average, which is 0.99%.
Median Home Price in Painesville, OH
Median Rent in Painesville, OH
Top 5 Reasons to Live in Painesville, OH
The Historic District! Painesville's 284-acre historic district features a number of excellent examples of late Victorian architecture. Within the district are Lake Erie College and the Steele Mansion, a newly restored bed and breakfast inn and party center. Built in 1867, the Steele Mansion features eight Italian marble fireplaces, windows imported from France, walnut trim on the doorways and stairs, and a third floor ballroom.
Reasonably Priced Housing! The median home value in Painesville for 2013 was an attractive $115,700, which is much less than the national average home value of $170,100 and less than the Ohio average of $127,600. A few of the most desirable neighborhoods in Painesville are Heisley Park, Liberty Greens and Painesville Overlook. There are even a few rent to own homes in these neighborhoods.
Lake Erie beaches, fishing and boating! Nearby Lake Erie offers abundant recreational opportunities, from walking the beach at Headlands Beach State Park to fishing off of the pier at Fairport Harbor to eating seafood at Pickle Bill's restaurant at the edge of the water. This is a wonderful community for those who cannot get enough of the water.
Low property taxes! Property taxes in Painesville are lower than the state average. The average Painesville homeowner pays $2,556 in property taxes annually. A few of the Painesville neighborhoods with single-unit homes for rent include the Painesville Warren Road and E. Erie Street areas.
Lots of restaurants! For a small town, Painesville has plenty of restaurants. There are more than three dozen restaurants, cafes and coffee shops in the city, offering everything from Mexican cuisine to Thai food to good old American burgers. Among the local favorites are Rider's Inn for elegant American food and Sunday brunch in an historic setting, Silvestro's Depot Cafe for Italian in a 1940s-style bar atmosphere and Bistro 70 for upscale American bistro food.