Rent to own Homes in Loves Park, IL
Located in chilly Winnebago county about 80 miles northwest of Chicago, the small city of Loves Park celebrates its close-knit feeling with the slogan, "The City with a Heart." A designated Groundwater Guardian city since 2001, this nature-friendly community began as a gathering place along the Rock River purchased by civic leader Malcolm Love. The weather here might be cold in its beauty, but the people share a warm and rich heritage.
Loves Park, IL is a great place for affordable rent-to-own homes! With a median household income of over $57,096 and a median rent of $881, the Loves Park, 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 Loves Park, 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 Loves Park, IL Property Resources
Rent to own Homes in Cities Near Loves Park, IL
- Allens Grove
- Argyle
- Avalon
- Beloit
- Belvidere
- Brodhead
- Caledonia
- Candlewick Lake
- Capron
- Cherry Valley
- Clinton
- Darien
- Davis Junction
- Durand
- Edgerton
- Evansville
- Footville
- Fulton
- Hanover
- Janesville
- Lake Koshkonong
- Lake Lorraine
- Lake Summerset
- Loves Park
- Machesney Park
- Milton
- New Milford
- Orfordville
- Poplar Grove
- Rockford
- Rockton
- Roscoe
- Sharon
- Shopiere
- South Beloit
- Timberlane
- Westlake Village
- Winnebago
Popular Zip Codes in Loves Park, IL
61132 rent to own homes 61115 rent to own homes 61111 rent to own homesBuying a Home in Loves Park, IL
Loves Park, IL is seeing rapid growth and Loves Park, IL's' housing market remains optimal with an average home price that is -47% below the 2024 national average. Loves Park, IL is part of Winnebago 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 Winnebago is 2.39% which is above the national average, which is 0.99%.
Median Home Price in Loves Park, IL
Median Rent in Loves Park, IL
Top 5 Reasons to Live in Loves Park
Young at Heart festival! Since 1972 the citizens of Loves Park have held a parade and carnival rides every Memorial Day weekend to celebrate talent and community. The event includes a beauty pageant, a singing contest, and a fireworks spectacular, and it's always heavily sponsored by local businesses and societies.
Swedish-American Heritage! The Swedish-American Foundation has a solid presence in Loves Park, often sponsoring the Young at Heart festival. The Foundation keeps immigrant heritage alive by hosting cultural events throughout the year.
The great outdoors! Ice skate on Pierce Lake, the cold, serene treasure of Rock Cut Park, or follow the water to the more intense Rock River and breathe in the spray at the place where wagons once forded as pioneers traveled West. Trap, hunt, ski, or ice-fish in winter, then come back in the summer for swimming in Olson Lake and horseback-riding on the trails.
Stable, close-knit community! Real-estate here is less fluid than in many other areas of the country; only 3 percent of houses are unoccupied, and of the occupied properties, a striking 68 percent are owned, not rented. This doesn't mean that homes for sale are impossible to come by in Loves Park; last year 304 house sales took place here, with a median sale price of $115,209. You still might find something really affordable to buy along Grand Avenue or something a bit larger along Steele Court Road.
Steadily increasing property values! If you hope to rent to own homes in Loves Park, you've got the advantage of slowly rising house prices that suggest great future value. Some communities suffer sharp ups and downs, but in Loves Park the median house value grew from $87,000 in the year 2000 to $115,209 in 2013. Only about 29 percent of homes are rented here, with a median gross rent of $793 per month in 2012. If you're looking, you might start by asking around Rock Valley Apartments, or along Thomas Drive.