Rent to own Homes in New London, CT
Chartered in 1877, New London has grown into one of the most important cities in the Northeast because of its location on the mouth of the Thames River. As a seaport city, New London has an integral role as a port of entry to the northeastern United States and is the site of one of the largest nuclear submarine bases in the nation.
New London, CT is a great place for affordable rent-to-own homes! With a median household income of over $47,424 and a median rent of $1,034, the New London, CT 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 New London, CT. 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 New London, CT Property Resources
Rent to own Homes in Cities Near New London, CT
- Amagansett
- Bradford
- Centerbrook
- Chester Center
- Conning Towers Nautilus Park
- Dering Harbor
- East Haddam
- East Lyme
- East Marion
- Essex
- Essex Village
- Fenwick
- Fishers Island
- Greenport
- Greenport West
- Groton
- Groton Long Point
- Lebanon
- Long Hill
- Mashantucket
- Misquamicut
- Montauk
- Moodus
- Mystic
- Napeague
- New London
- Noank
- North Franklin
- Northwest Harbor
- Norwich
- Old Lyme
- Old Mystic
- Old Saybrook
- Old Saybrook Center
- Poquonock Bridge
- Quaker Hill
- Salem
- Saybrook Manor
- Scotland
- Shelter Island
- Shelter Island Heights
- South Windham
- Springs
- Taftville
- Watch Hill
- Waterford
- Weekapaug
- Westbrook Center
- Westerly
- Windham
Neighborhoods in New London, CT
East New London rent to own homes New London Civic Center rent to own homes Parker rent to own homes Broad Street Commercial District rent to own homes Northwest New London rent to own homes Shaw rent to own homes Coit rent to own homes Willets rent to own homes Bates Woods rent to own homes Frontage rent to own homesPopular Zip Codes in New London, CT
06320 rent to own homesBuying a Home in New London, CT
New London, CT is seeing rapid growth and New London, CT's' housing market remains optimal with an average home price that is -14% below the 2024 national average. New London, CT is part of New London 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 New London is 1.32% which is above the national average, which is 0.99%.
Median Home Price in New London, CT
Median Rent in New London, CT
Top 5 Reasons to Live in New London, CT
Declining list prices! It's a buyer's market in New London, and many homes here have had significant price cuts. Not only is the median home price of properties listed only $170,000, but the median sales price is just $162,900. Look to a neighborhood around Pequot Ave. or Hawthorne Dr. for great deals.
Lots of foreclosures make now the time to buy! Another person's loss is your gain! Because a bank wants to recoup its losses quickly, many institutions will take an offer below the list price for a distressed property. With New London home to more than 1,000 foreclosures, the area is full of opportunities to buy a rent to own home in an area like Fort Trumbull or Bank Street.
An assortment of activities! Enjoy Broadway-level talent at an affordable price with a visit to the Garde Arts Center in downtown New London, or pay tribute to the city's illustrious seafaring history by visiting the Whaling Museum.
Enjoy the great outdoors! Because of New London's location on the water, the city is an outdoor enthusiast's dream. Start your outdoor adventure with a trip to the Ocean Beach Park. Not only has it been named the best sandy beach in Connecticut, but also it is home to an abundance of activities like volleyball and sailing. You can also head to the Fort Trumbull State Park to learn about to the city's contribution to the American Revolution while hiking challenging trails.
Delicious cuisine! Not surprisingly, New London is home to some of the best seafood in the state. For the freshest lobster in the region, head straight to Hamilton Street to Captain Scott's Lobster Dock. Order the New England style lobster roll to be treated to a hot dog bun stuffed high with sweet and savory lobster meat. Finish the meal with a slice of homemade pie from Sweetie's Bakery & Cafe.