Rent to own Homes in Orem, UT
Orem, Utah, calls itself "Family City USA." Forbes Magazine named Orem as one of the best places in the United States to raise a family. The city has officially been incorporated since 1919. Prior to that, what now is Orem had had a variety of names before being named after the head of the Salt Lake City/Utah railroad line. Orem is the fifth largest city in Utah and the home of Utah Valley University, where the minor league baseball team Orem Owlz plays its home games.
Orem, UT is a great place for affordable rent-to-own homes! With a median household income of over $65,622 and a median rent of $1,057, the Orem, UT 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 Orem, UT. 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 Orem, UT Property Resources
Rent to own Homes in Cities Near Orem, UT
- Alpine
- Alta
- American Fork
- Benjamin
- Bluffdale
- Brighton
- Cedar Fort
- Cedar Hills
- Cedar Valley
- Charleston
- Copperton
- Cottonwood Heights
- Draper
- Eagle Mountain
- East Basin
- Emigration Canyon
- Fairfield
- Granite
- Heber
- Heber City
- Herriman
- Highland
- Hobble Creek
- Holladay
- Interlaken
- Kearns
- Lehi
- Lindon
- Midvale
- Millcreek
- Murray
- Orem
- Palmyra
- Park City
- Pleasant Grove
- Provo
- Salt Lake City
- Silver Summit
- Snyderville
- South Salt Lake
- Spanish Fork
- Springville
- Summit Park
- Sundance
- Taylorsville
- Vineyard
- Wallsburg
- West Jordan
- West Mountain
- West Valley City
Neighborhoods in Orem, UT
Scera Park North rent to own homes Aspen rent to own homes Bonneville rent to own homes Cascade rent to own homes Cherry Hill rent to own homes Geneva rent to own homes Hillcrest rent to own homes Lakeview rent to own homes Northridge rent to own homes Orchard North rent to own homesPopular Zip Codes in Orem, UT
84097 rent to own homes 84058 rent to own homes 84057 rent to own homesBuying a Home in Orem, UT
Orem, UT is seeing rapid growth and Orem, UT's' housing market remains not optimal with an average home price that is 37% above the 2024 national average. Orem, UT is part of Utah 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 Utah is 0.55% which is below the national average, which is 0.99%.
Median Home Price in Orem, UT
Median Rent in Orem, UT
Top Reasons to Live in Orem, UT
Housing Statistics Approximately 7,700 people rent homes in Orem, while about 15,680 people own their own homes. About 23,300 of the area's approximately 24,100 homes are currently occupied. The median for sale price of vacant houses in Orem is $247,625, while the median asking price for apartments and houses for rent is $806. Rent to own houses have a lower median rent of $663.
Local Shopping Orem is one of the biggest shopping districts in Utah. There are two big malls in the area. University Mall is located near Utah Valley University is geared toward both college students and families with children. There are big chain department stores, such as Macy's and Nordstrom, as well as local shops. The mall has back-to-school sales and other seasonal events for families. Shopko Plaza is a smaller shopping center. Its main attraction is the Shopko clothing store, which sells the latest fashions for teens and adults.
Nightlife Orem's nightlife does not consist mostly of bars or nightclubs. There is a large Mormon population in Orem that abstains from alcohol for religious reasons. However, there is still a lot to do. Some of the main attractions include the movie theaters in town. In addition to several big theater chains, Orem has the SCERA Shell Outdoor Theatre, which provides residents with the chance to watch movies under the stars. There are also live music performances at the Utah Valley University Campus, and plenty of places to grab a late night snack, including Smokehouse Orem Bar-B-Que and Burgers, Texas Roadhouse or Pizzeria 712.
Largest Employers and Industries The top employers in Orem are a mix of public and private sector companies, including Utah Valley University, the Alpine School District, Convergys, Timpanogos Regional Hospital, City of Orem, Adobe, Walmart, US Synthetic, and Target
Local Events and Festivals Orem has two big festivals every year, both with a heavy emphasis on summer fun. Summerfest takes place every June. This family-friendly festival has events for every age, such as a baby contest, quilt show, carnival and kids crafts booth, among others. The festival is similar to a county fair in that it consists of food, fun, vendors and special activities. The Timpanogos Storytelling Festival takes place at the end of the summer. This event, which has been part of Orem since 1990, consists of three master storytellers from around the country telling stories to audiences. There are also workshops and storytelling lessons, puppet shows, folk music and food. 30,000 people come from all over the US every year to attend this festival. There is also a smaller storytelling festival in midwinter, which includes speakers, workshops and performances.