Rent to own Homes in Mountlake Terrace, WA
This city in the scenic Puget Sound area was owned by Puget Mill Company in the 19th century. Its dense fir forests were logged for timber to construct the rapidly growing cities north of Seattle. Later, cleared land was turned to farming and chicken ranches thrived here in the early 20th century. Easy access to Seattle stimulated home construction and the city's name came from the fact that both Mount Rainier and Lake Washington are visible from some vantage points.
Mountlake Terrace, WA is a great place for affordable rent-to-own homes! With a median household income of over $80,738 and a median rent of $1,595, the Mountlake Terrace, WA 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 Mountlake Terrace, WA. 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 Mountlake Terrace, WA Property Resources
Rent to own Homes in Cities Near Mountlake Terrace, WA
- Alderwood Manor
- Algona
- Bainbridge Island
- Beaux Arts Village
- Bellevue
- Black Diamond
- Bothell West
- Boulevard Park
- Brier
- Burien
- Cathcart
- Cavalero
- Clearview
- Clyde Hill
- Cottage Lake
- Covington
- Des Moines
- East Hill-Meridian
- Eastmont
- Edmonds
- Esperance
- Fall City
- Federal Way
- Fobes Hill
- High Bridge
- Indianola
- Issaquah
- Kent
- Kingsgate
- Kingston
- Lake Forest Park
- Lake Holm
- Lakeland North
- Lakeland South
- Lake Morton-Berrydale
- Lake Stevens
- Larch Way
- Lynnwood
- Meadowdale
- Mountlake Terrace
- Mukilteo
- Normandy Park
- North Lynnwood
- Picnic Point
- Riverton
- SeaTac
- Seattle
- Shoreline
- Silver Firs
- Tukwila
Neighborhoods in Mountlake Terrace, WA
Lake Ballinger rent to own homes East Terrace rent to own homes North Terrace rent to own homes Town Center rent to own homes Gateway rent to own homes Melody Hill rent to own homesPopular Zip Codes in Mountlake Terrace, WA
98043 rent to own homesBuying a Home in Mountlake Terrace, WA
Mountlake Terrace, WA is seeing rapid growth and Mountlake Terrace, WA's' housing market remains not optimal with an average home price that is 95% above the 2024 national average. Mountlake Terrace, WA is part of Snohomish 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 Snohomish is 0.89% which is below the national average, which is 0.99%.
Median Home Price in Mountlake Terrace, WA
Median Rent in Mountlake Terrace, WA
Top 4 Reasons to Live in Mountlake Terrace, WA
Mountlake Terrace residents love the outdoors! Terrace Creek Park is a 60-acre park that includes hiking trails to get some exercise in, picnic tables and barbecue grills for a nice relaxing afternoon and a playground and open field to run around in. After you've worked up an appetite with your outdoor day, you can head home for a quick rest and then back out for a great home-cooked meal at Voula's Good Eats.
The housing market is hot! The average house price in Mountlake Terrace has risen by 10.9 percent in the past year to $282,150 and is expected to gain another 6.3 percent in the coming year. With such a strong market, there's an excellent chance that rent to own homes will hold their value well. Local employer Premera Blue Cross, which provides over 2,000 jobs in town, has contributed to the strong economy in Mountlake Terrace. All-season evening fun is available at Cinebarre, where going to a movie can turn into a full event with food, bar service and pool tables.
It's a great place to enjoy the water! Mountlake Terrace's Recreation Pavilion is sometimes called the Pacific Northwest's busiest swimming pool complex. It hosts over 400,000 visitors each year to its swimming pool, hot tubs, therapy pool, sauna, racquetball courts and more. More spectacular recreational options are offered at Lake Ballinger Park, where you can boat, fish, picnic, barbecue and hike along the shores of this lovely 103-acre lake.
Rents are reasonable! The average rent for a home in Mountlake Terrace is $1,285, which is about $300 lower than the average rental price in nearby Seattle. From every neighborhood of this compact city it's easy to hop on Interstate 5 and zip down to Seattle for work. The Pacific Northwest's moderate climate allows year-round outdoor activities and Mountlake Terrace residents make abundant use of the all-weather soccer field and quarter-mile track located on Evergreen Playfield Complex.