Rent to own Homes in Downers Grove, IL
Affordable Housing - The median home sale price in Downer's Grove is $268 500, which is incredibly reasonable considering the popularity of the area! Find a 3 bed, 3 bath home in Ridgeview for $295 000, or a beautifully-landscaped 5 bed, 3 bath home in Winter Circle for $425 000.
Downers Grove, IL is a great place for affordable rent-to-own homes! With a median household income of over $97,197 and a median rent of $1,364, the Downers Grove, 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 Downers Grove, 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 Downers Grove, IL Property Resources
Rent to own Homes in Cities Near Downers Grove, IL
- Alsip
- Batavia
- Bedford Park
- Berkeley
- Bridgeview
- Broadview
- Burbank
- Downers Grove
- Elmhurst
- Fairmont
- Forest Park
- Frankfort
- Frankfort Square
- Glendale Heights
- Glen Ellyn
- Glenview
- Hanover Park
- Hillside
- Hodgkins
- Homer Glen
- Hometown
- Itasca
- La Grange Park
- Lockport
- Lombard
- Manhattan
- Markham
- Maywood
- Melrose Park
- Merrionette Park
- Midlothian
- Mokena
- Mooseheart
- Naperville
- Oak Brook
- Oak Forest
- Palatine
- Palos Heights
- Plainfield
- Ridgewood
- Rockdale
- Rosemont
- Schaumburg
- Schiller Park
- South Elgin
- Streamwood
- Warrenville
- Wayne
- Westchester
- Willow Springs
Neighborhoods in Downers Grove, IL
Dunham Place rent to own homes Belmont rent to own homes Downers Grove Park rent to own homes Belmont Park rent to own homesBuying a Home in Downers Grove, IL
Downers Grove, IL is seeing rapid growth and Downers Grove, IL's' housing market remains not optimal with an average home price that is 66% above the 2024 national average. Downers Grove, IL is part of DuPage 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 DuPage is 1.71% which is above the national average, which is 0.99%.
Median Home Price in Downers Grove, IL
Median Rent in Downers Grove, IL
Top 10 Reasons to Live in Downer's Grove
International Transportation- Downer's Grove's close proximity to a major, US centrally located city like Chicago affords it maximum accessibility. Two world-class airports (OHare and Midway), plus nationwide train and bus service make it an ideal area to seek a household property. Convenient auto access is attained via Interstate routes 355 and 88.
Shopping - Oakbrook Center Mall is located a few miles east of downtown Downer's Grove. It contains the customary large mix of vendor tenants that make it a convenient one-stop shopping experience. The Butterfield / Finley Road neighborhood shopping district is filled with an ample mix of big-box stores and local smaller merchants.
Fun and Social Atmosphere - Stop by Rita's American Roadhouse or the Ballydoyle Irish Pub and Restaurant for some pub food, music and company!
Plenty of Choice to Rent or Buy - Find a studio apartment for $840 per month in Fairmont Avenue, or a swankier 2 bedroom apartment in Walnut Avenue for $1600. Whether you want to rent, buy or rent to own, there are plenty of listings to choose from!
Tasty Multi-Ethnic Cuisines Abound - Whenever eating out is the desired option, the greater Downer's Grove area is not short on choices for those on all types of spending budgets. Restaurants of all accustomed ethnic cuisines are plentiful. Chama Gaucha Steakhouse and Lao Szechuan House are popular choices.
Low Property Mortgage Interest Rate - A rent to own house, or an outright purchase, are currently quite affordable based on historically low mortgage interest rates. By utilizing the rent to own option, much uncertainty and risk are removed from the process! Though these contracts will cost a bit more than the average $715 per bedroom rental costs, it's worth it in the end.
Low Property Tax Rate - A 5% tax rate for equalized assessed property value is in effect in the Downer's Grove section of DuPage County. Find homes near Downer's Grove Golf Club or on Chicago Avenue and don't worry about the property taxes!
Free Entertainment - Free movies under the moon in Falconridge Park and Bean Bag Tournaments at the Community Church!
Have Fun and Keep Fit - Sign up for karate lessons with the True Balance Karate Institute, or clear your mind at Oak Hill Yoga.