Rent to own Homes in Parma, OH
The rent to own options in Parma, Ohio, may be ideal for people looking for a residential neighborhood with plenty of commercial areas nearby. Parma, named after Parma, Italy, is a city in Northeast Ohio, just south of Cleveland. Parma was largely an agricultural city until WWI, which was when it experiencde growth due to migration into the suburbs. The city is also the largest suburb of Cleveland and the seventh largest city in the state. In 2010, the US Census found that Parma had a population of more than 81,600 people. Finding homes for sale here is easy to do, and finding just the right rental property is possible, especially once you look at the available options.
Parma, OH is a great place for affordable rent-to-own homes! With a median household income of over $58,011 and a median rent of $882, the Parma, 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 Parma, 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 Parma, OH Property Resources
Rent to own Homes in Cities Near Parma, OH
- Bay Village
- Bedford Heights
- Berea
- Boston Heights
- Broadview Heights
- Brooklyn
- Columbia Station
- Cuyahoga Falls
- Elyria
- Euclid
- Fairlawn
- Glenwillow
- Grafton
- Highland Heights
- Hudson
- Independence
- Lakewood
- Linndale
- Litchfield
- Lorain
- Lyndhurst
- Macedonia
- Maple Heights
- Medina
- Middleburg Heights
- Montrose-Ghent
- Moreland Hills
- North Olmsted
- North Ridgeville
- Norton
- Olmsted Falls
- Orange
- Parma
- Parma Heights
- Peninsula
- Pigeon Creek
- Richfield
- Richmond Heights
- Rocky River
- Shaker Heights
- Sharon Center
- Sheffield
- Sheffield Lake
- Solon
- South Euclid
- Twinsburg Heights
- University Heights
- Valley City
- Westlake
- Woodmere
Neighborhoods in Parma, OH
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Parma, OH is seeing rapid growth and Parma, OH's' housing market remains optimal with an average home price that is -45% below the 2024 national average. Parma, OH is part of Cuyahoga 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 Cuyahoga is 1.93% which is above the national average, which is 0.99%.
Median Home Price in Parma, OH
Median Rent in Parma, OH
Top Reasons to Live in Parma OH
Housing Statistics Parma's rental home options are numerous, but before purchasing a home for sale here, individuals may wish to consider the overall housing market. The median sale price of homes for sale in Parma during the second quarter of 2013 was $83,000. This is down about two percent from the previous year. About 597 homes sold in the previous year, with 315 of those homes selling in the second quarter of 2013. The average listing price of a home here, as of the second week of August 2013, was $109,099. This is about the same as the price was the previous year. Whether you are after a rental property or a home for sale, it helps to know that the annual residential turnover here is 13 percent and the median years in residence is six.
Tourist Attractions As an older suburb, there are a few locations where people like to visit when moving into the area. A good place to start is the Parmatown Mall, which is the largest shopping center in the city. It is also the home of numerous activities, shows and festivals throughout the year. Individuals may wish to visit Stearns Homestead too. This is one of the oldest and still operational farms in the area. Visitors can pet animals while visiting the historic buildings. A visit to Big Creek Reservation, State Road Park or the West Creek Reservation may be in order for anyone planning to explore nature.
Local Events and Festivals A few festivals take place here throughout the year. Several of the churches host annual carnivals, including St. Anthony, St. Matthew and St. Francis. With rides, games, and raffles, these tend to be a big draw for locals. The Rib Burn Off occurs on the grounds of Parmatown Mall and is a large BBQ festival. The area is close enough to Cleveland to be a part of the Cuyahoga County Fair, with animals, rides, and plenty of games.
Parma Neighborhoods Though Parma is cohesive, without any real breaks in neighborhood regions, there are some components of the community that stand out as independent areas. The following are some of the specific neighborhoods in Parma.