Orlando, Florida, is an ideal place to purchase an affordable rent-to-own home for you and your family. With key investment stats like increased cash flow, steady population growth, and a thriving job market, Orlando's affordable housing creates an excellent situation for those looking to purchase a rent-to-own home. With a median household income of $52,000 and a median rent of $1,196, there are plenty of opportunities to find your next dream home! Low median rent prices mean you can save more a month, making it easier to both afford the down payment at the end of the lease agreement but potentially qualify for better loans with low-interest rates when the time comes to purchase the home. There are also payment assistance programs available in Orlando and for the state of Florida, meaning that low-income families and those struggling to rebuild their credit scores after pandemic shut-downs can get help purchasing their homes.
Orlando, FL is a great place for affordable rent-to-own homes! With a median household income of over $55,183 and a median rent of $1,253, the Orlando, FL 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 Orlando, FL. 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.
Orlando, FL is seeing rapid growth and Orlando, FL's' housing market remains not optimal with an average home price that is 21% above the 2023 national average. Orlando, FL is part of Orange 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 Orange is 0.94% which is below the national average, which is 0.99%.