Rent to own Homes in Tonopah, AZ

Rent-to-own homes in Tonopah, Arizona could be your pathway to homeownership. The housing market in Arizona is currently aggressive due to high demand but low inventory for homes. This means that buyers have to compete with other buyers for homes, driving up costs and down payments. The median cost of a home in Tonopah is $279,010 with a price per square foot around $184.00. The average household income in Tonopah is $48,241, which is below the US average of $53,482. This means that an affordable path to home ownership can be obtained through a rent-to-own home.

Rent-to-own homes work differently than a traditional homebuying experience. With a rent-to-own home in Tonopah, you can live in the home as a renter before you purchase it. The down payment is around 1-3% compared to a traditional home purchase down payment of 20+% and part of your monthly rent payments go towards paying the mortgage. When it comes time to buy the home, you can still apply for conventional mortgage loans as well as government subsidized loans and assistance programs.

Tonopah, AZ is a great place for affordable rent-to-own homes! With the current housing shortage trend it can make it harder to become a homeowner, including in Tonopah, AZ. 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.