Rent to own Homes in Selma, AL
Selma is a city steeped in historical events that made huge impacts on America's current state of affairs. It was a main manufacturing city of the Confederacy during the Civil War and became central to the iconic March to Montgomery in 1965. Outside of this historical significance, Selma is now home to several cultural attractions, walking tours, museums and even a nearby archaeological park. Sometimes it's hard not to get caught up in the historical significance of the area, but local residents manage to do it every single day.
Selma, AL is a great place for affordable rent-to-own homes! With a median household income of over $26,581 and a median rent of $645, the Selma, 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 Selma, 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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Selma, AL is seeing rapid growth and Selma, AL's' housing market remains optimal with an average home price that is -58% below the 2023 national average. Selma, AL is part of Dallas 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 2023 for county Dallas is 0.41% which is below the national average, which is 0.99%.
Median Home Price in Selma, AL
Median Rent in Selma, AL
Top 3 Reasons to Live in Selma
Great value on homes! The average home price in Selma is nearly 50 percent lower than America's average, so anyone looking for rent to own houses or who want to flat out purchase a home will get a fantastic deal. This doesn't reflect poorly on property valuations, though. Over the past decade, the housing value appreciation rate in Selma has been more than seven percentage points higher than the same rate in America. If a potential homeowner desires waterfront property on the Alabama River or prefers to live closer to the Selma Mall, they can do so at a great price and value.
A million-and-one things to do! Residents living in Selma never have a shortage of things to do. For those interested in history, there's always the chance to check out the Rosa Parks Museum, the National Voting Rights Museum and the Slavery and Civil War Museum. Want to get some shopping done? Head over to the Selma Mall or the Selma Flea Market and RV Park. Those with slightly different aspirations could even set out to the Montgomery Zoo or the Old Cahawba Archaeological Park in Orrville. It's amazing to have so many diverse activities nearby and accessible year-round.
Low cost of living! As mentioned, anyone looking to buy property in Selma is going to pay a great price compared to other cities in America. These financial savings aren't just meant for those who outright purchase their house. Rental prices are similarly amazing compared to national averages. The cost of a two-bedroom apartment or home in Selma, for instance, is over 40 percent lower than the national average. The city's cost of living index, which takes into account expenditures related to groceries, transportation, housing and other spending, is also nearly 20 points lower than the average in the country. This leaves plenty of money for regular outings to the Selma Walton Theater, Tally-Ho Restaurant or countless other dining and entertainment spots throughout the city.