With 548,073 residents, Tucson, Arizona, is the 33rd most populous city in the U.S., and it encompasses 226.71 square miles, making it the 20th largest municipality in the country based on area. But its origins, dating back to the late 1700s, are not nearly as glorious. In 1776, Lieutenant Colonel Hugo O'Connor of the Spanish army built a 700 square foot fort for several officers, 75 soldiers, and their families in what was then the Sorona - a Mexican state.
The area grew to 11 acres, and soon civilians started to move to the vicinity. By 1830, Tucson had developed into an entire Mexican village. It was finally annexed to the United States in 1854 when the government bought 29,670 square miles - an area that is now part of Arizona and New Mexico - from the Mexicans for $10 million in the Gadsden Purchase.
Tucson, AZ is a great place for affordable rent-to-own homes! With a median household income of over $45,227 and a median rent of $861, the Tucson, AZ 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 Tucson, 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.
Tucson, AZ is seeing rapid growth and Tucson, AZ's' housing market remains optimal with an average home price that is -24% below the 2023 national average. Tucson, AZ is part of Pima 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 Pima is 0.81% which is below the national average, which is 0.99%.