Rent to own Homes in Newport News, VA

There are a total of 74,117 houses in Newport News, of which 69,686 are occupied. Of these, 36,528 (52 percent) are owner-occupied, while 36,528 (48 percent) are occupied by renters. The most recently reported median home sales price in Newport News is $152,500, or about $98 per square foot. According to Trulia, there are currently 967 homes for sale in Newport News; additionally, there are 338 homes in various stages of foreclosure. The cost of living in Newport News is 2.9 percent--slightly higher than the rest of the country. The annual residential turnover is just over 25 percent, with the median years of residency just under three. There is a 7-percent vacancy rate, which is slightly higher than the national average. Rent-to-own options abound in what is currently a strong buyer's market.

Newport News, VA is a great place for affordable rent-to-own homes! With a median household income of over $54,511 and a median rent of $1,075, the Newport News, VA 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 Newport News, VA. 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.