Rent to own Homes in Homewood, IL
Located in Cook County, Illinois, Homewood is a growing town with a population of 19,323. In recent years, Homewood has seen a rapid growth in population due to the city being named one of Forbes' "three most livable cities" in the Chicago Metropolitan Area. With a booming economy paired with a stable housing market, Homewood is a great place to call home.
Homewood, IL is a great place for affordable rent-to-own homes! With a median household income of over $77,013 and a median rent of $1,162, the Homewood, 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 Homewood, 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 Homewood, IL Property Resources
Rent to own Homes in Cities Near Homewood, IL
- Alsip
- Bedford Park
- Berkeley
- Bridgeview
- Broadview
- Brookfield
- Burbank
- Burnham
- Burr Ridge
- Calumet Park
- Chicago Heights
- Cicero
- Clarendon Hills
- Countryside
- Crestwood
- Downers Grove
- Elmhurst
- Flossmoor
- Forest Park
- Forest View
- Frankfort
- Frankfort Square
- Harwood Heights
- Hodgkins
- Hometown
- Homewood
- La Grange Park
- Lincolnwood
- Lockport
- Markham
- Maywood
- Melrose Park
- Merrionette Park
- Midlothian
- Mokena
- Morton Grove
- North Riverside
- Oak Brook
- Oak Forest
- Palos Heights
- Palos Park
- Park Forest
- Park Ridge
- River Forest
- Rosemont
- Schiller Park
- Steger
- Thornton
- Westchester
- Willow Springs
Popular Zip Codes in Homewood, IL
60430 rent to own homesBuying a Home in Homewood, IL
Homewood, IL is seeing rapid growth and Homewood, IL's' housing market remains optimal with an average home price that is -24% below the 2024 national average. Homewood, IL is part of Cook 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 Cook is 1.38% which is above the national average, which is 0.99%.
Median Home Price in Homewood, IL
Median Rent in Homewood, IL
Top 6 Reasons to Live in Homewood, IL
A regional hub for shopping! An agricultural and manufacturing community prior to World War II, the last fifty years have brought substantial change to Homewood. Today, the city is home to numerous shopping centers like Westgate, Ridgemar, Southgate, Cherry Creek and Washington Plaza. As a result, residents are never more than a few minutes drive to stores like Target and Best Buy.
Delicious local cuisine! Whether you are a craving a delicious pizza with homemade crust or a hearty steak dinner, Homewood has a restaurant for you. For great food that is affordable and quick, make a stop at Pop's Italian Beef & Sausage or head to Grady's Grille for classic American fare.
Great annual events! Bring your sweet tooth to the annual Chocolate Fest in February to sample delicious desserts and homemade baked goods from local vendors. Head to Main Street on the first Saturday of December for Holiday Lights in Homewood, where a musical trolley will take you from store to store to view great holiday decorations, visit with Santa and listen to carolers.
Perfect for the outdoor enthusiast! Perfect your swing at the award-winning Ravisloe County Club or embrace your inner Tony Hawk at the Extreme Scene Skate Park on Harwood Avenue.
Rising home values! In less than one year, the median home value in Homewood has risen 6 percent to a near record high of $132,400. Best of all, Zillow predicts that this figure will increase by 1.6 percent in 2015. For great deals on single-family homes look in a desirable neighborhood like Coach Road or Poplar Court.
Affordable homes! In 2008, the median sale price of a three-bedroom home in Homewood peaked at nearly $165,000 and have since dropped to $126,000. As a result homes here are less expensive, and many properties can be purchased with instant equity because the median home value is $132,400. Look for a deal on a rent to own home in a community like Anthony Avenue or Heather Road.