Rent to own Homes in Champaign, IL
Champaign, Illinois, was founded in 1885 under the name West Urbana, though it was officially changed five years later. The city is nearly equidistant from Chicago (135 miles), Indianapolis (124 miles) and St. Louis (178 miles), making it a wonderful home base for those who frequently travel between the cities. Champaign is also the home of the University of Illinois and Parkland College, and because of this, it has a very young population.
Champaign, IL is a great place for affordable rent-to-own homes! With a median household income of over $49,467 and a median rent of $922, the Champaign, 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 Champaign, 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 Champaign, IL Property Resources
Rent to own Homes in Cities Near Champaign, IL
- Allerton
- Armstrong
- Bondville
- Broadlands
- Camargo
- Champaign
- Dewey
- Elliott
- Fisher
- Fithian
- Foosland
- Gifford
- Homer
- Ivesdale
- Lake of the Woods
- Longview
- Ludlow
- Mahomet
- Mansfield
- Monticello
- Ogden
- Paxton
- Penfield
- Pesotum
- Philo
- Rantoul
- Royal
- Sadorus
- Savoy
- Seymour
- Sidney
- St. Joseph
- Thomasboro
- Tolono
- Tuscola
- Urbana
- Villa Grove
- White Heath
Neighborhoods in Champaign, IL
Parkland Ridge rent to own homes West Haven rent to own homes Sawgrass rent to own homes Bolten Field rent to own homes Douglas Park rent to own homes Garden Hills rent to own homes Stratton rent to own homes Devonshire rent to own homes Southwood rent to own homes Garden Park rent to own homesPopular Zip Codes in Champaign, IL
61824 rent to own homes 61825 rent to own homes 61826 rent to own homes 61821 rent to own homes 61822 rent to own homes 61820 rent to own homesBuying a Home in Champaign, IL
Champaign, IL is seeing rapid growth and Champaign, IL's' housing market remains optimal with an average home price that is -23% below the 2024 national average. Champaign, IL is part of Champaign 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 Champaign is 2% which is above the national average, which is 0.99%.