Rent to own Homes in Fort Payne, AL
Fort Payne, Alabama, is the county seat of DeKalb County. In 2010, it had a total population of 14,012. The town was originally called Willstown and was the location of several small battles during the Civil War. Later, the town incorporated as Fort Payne in 1889. The addition of a rail line that connected Fort Payne to both Birmingham and Chattanooga increased the town's expansion, and Fort Payne now hosts a booming economy, with numerous restaurants and shopping districts.
Fort Payne, AL is a great place for affordable rent-to-own homes! With a median household income of over $42,200 and a median rent of $592, the Fort Payne, AL 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 Fort Payne, AL. 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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Fort Payne, AL is seeing rapid growth and Fort Payne, AL's' housing market remains optimal with an average home price that is -40% below the 2024 national average. Fort Payne, AL is part of DeKalb 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 DeKalb is 0.32% which is below the national average, which is 0.99%.
Median Home Price in Fort Payne, AL
Median Rent in Fort Payne, AL
Top 4 Reasons to Live in Fort Payne, AL
Official sock capital of the world! Fort Payne jokes that it's the official sock capital of the world, but this nickname is based on historical events. The W.B. Davis Hosiery Mill set up shop in Fort Payne, and the city quickly grew to become the largest producer of socks and hosiery in the United States. Though the economy in Fort Payne has diversified somewhat since its founding days, many hosiery shops still operate in the city today, including Baker Hosiery and Indian Springs Hosiery.
Affordable homes available! Fort Payne newcomers have no trouble finding an inexpensive home in the city. You can find a three-bedroom, two-bathroom home for less than $150,000 in Pine Ridge or on Alabama Avenue. There are many purchase options available here, including traditional mortgages and rent to own properties.
Tons of food choices! This city is large enough to have a plethora of food choices available. Don Chico Mex Rest is ranked number one on TripAdvisor for Mexican fare in the area. Salty Dawgs offers hot dogs in every variety you can imagine, which brings it to the number two spot on TripAdvisor's list. Try the Flying Dutchman or Pan Am Clipper for some original toppings you won't find elsewhere. Sally's Smokin' Butt BBQ offers some of the best smoked meats in the area, and Vintage 1889 offers casual dining with local craft beers. After your meal, stop by Vintage 1889's store, which sells furniture, clothing, and other unique goods.
Plenty of rental options! Fort Payne has plenty of options available for renters as well as buyers. Look for a house or townhome to lease in neighborhoods like Lakewood or Fisher Crossroads. Northpoint Apartments and Mountain Trace Apartments often have rentals available, as well. You can often find a two-bedroom rental here for less than $1,000 per month.