Rent to own Homes in Aurora, IL
The city of Aurora, Illinois, is the second largest in the state, with more than 197,000 people calling it home. It is a moderately sized manufacturing city with ample jobs and numerous residential neighborhoods. The city is one of the fastest growing in the country.
Aurora, IL is a great place for affordable rent-to-own homes! With a median household income of over $74,659 and a median rent of $1,274, the Aurora, IL 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 Aurora, IL. 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 Aurora, IL Property Resources
Rent to own Homes in Cities Near Aurora, IL
- Aurora
- Batavia
- Bolingbrook
- Bonnie Brae
- Boulder Hill
- Burr Ridge
- Carol Stream
- Channahon
- Crest Hill
- Crystal Lawns
- Darien
- Downers Grove
- East Dundee
- Elmhurst
- Elwood
- Fairmont
- Glendale Heights
- Glen Ellyn
- Hanover Park
- Hinsdale
- Ingalls Park
- Joliet
- Kaneville
- Lily Lake
- Lisle
- Lockport
- Lombard
- Medinah
- Millbrook
- Naperville
- Newark
- New Lenox
- Oak Brook
- Palos Park
- Plainfield
- Prestbury
- Preston Heights
- Ridgewood
- Rockdale
- Romeoville
- Schaumburg
- Shorewood
- South Elgin
- Westmont
- Wheaton
- Willow Springs
- Winfield
- Wood Dale
- Woodridge
- Yorkville
Neighborhoods in Aurora, IL
McIntosh Ferry Road Farms rent to own homes Indian Creek rent to own homes South Farnsworth rent to own homes Near West Galena rent to own homes Edgelawn Randall rent to own homes South End rent to own homes Big Woods Marmion rent to own homes Far East rent to own homes North River rent to own homes McCarty Burlington rent to own homesBuying a Home in Aurora, IL
Aurora, IL is seeing rapid growth and Aurora, IL's' housing market remains optimal with an average home price that is -11% below the 2024 national average. Aurora, IL is part of Kane 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 Kane is 2.09% which is above the national average, which is 0.99%.
Median Home Price in Aurora, IL
Median Rent in Aurora, IL
Top Reasons to Live in Aurora IL
Housing Statistics The housing statistics for Aurora provide some important information for individuals considering buying or renting a home here. The average listing price of a house, as of the second week of August 2013, was $195,740. This is just slightly (less than 1 percent) higher than the same time last year. The median sale price of homes in this area, as of the second quarter of 2013, stood at $138,500, up substantially (19 percent) from the previous year. In the last year, 1,273 homes sold in the region, with a residential turnover rate of 19 percent, and a median residency of three years.
Largest Employers and Industries Though once a significant manufacturing town, the city has become much more than that in the last decades. There are thriving health, education, and service industries here. The largest employers in Aurora include Caterpillar, Hollywood Casino Aurora, Rush Copley Medical Center, Indian Prairie School District, and Dreyer Medical Clinic. Large manufacturing companies include Lyon Workspace Products, Barber Greene Company, and the Aurora Brewing Company.
Local Events and Festivals As a large and growing community, there are plenty of festivals and events occurring in and around Aurora. The Aurora Farmers Market is held downtown through the summer and fall months. Numerous Civil War events that take place throughout the year. Prominent areas for these include the Water Street Mall, RiverEdge Park, Downtown Batavia, and the Sandwich Fairgrounds.
Neighborhoods in Aurora Although Aurora's neighborhoods are fairly similar, there are small things that help to make one area different and special from the other. When looking for rent-to-own homes here, consider these neighborhoods: