Rent to own Homes in Melrose Park, IL
Melrose Park, IL is a tree-lined suburb of Chicago, just 34 minutes from Chicago's heart. It's home to the Maywood Park Racetrack and one of the last manufacturers of pinball machines in the world -- Stern Pinball. Whether you're a "pinball wizard" or not, you'll enjoy this community of about 25,000 residents. It is a pleasant four mile in circumference village with a reputation for fine Italian dining.
Melrose Park, IL is a great place for affordable rent-to-own homes! With a median household income of over $53,596 and a median rent of $1,054, the Melrose 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 Melrose 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 Melrose Park, IL Property Resources
Rent to own Homes in Cities Near Melrose Park, IL
- Alsip
- Bannockburn
- Bedford Park
- Berkeley
- Bridgeview
- Broadview
- Burbank
- Burnham
- Chicago Heights
- Downers Grove
- Elmhurst
- Evanston
- Forest Park
- Frankfort
- Frankfort Square
- Glendale Heights
- Glen Ellyn
- Glenview
- Golf
- Hanover Park
- Highland Park
- Highwood
- Hodgkins
- Hometown
- Indian Head Park
- La Grange Park
- Lincolnshire
- Lockport
- Lombard
- Markham
- Marley
- Maywood
- Melrose Park
- Merrionette Park
- Midlothian
- Mokena
- Naperville
- Niles
- Oak Brook
- Oakbrook Terrace
- Oak Forest
- Palatine
- Palos Heights
- Rosemont
- Schaumburg
- Schiller Park
- Thornton
- Westchester
- Willow Springs
- Wilmette
Buying a Home in Melrose Park, IL
Melrose Park, IL is seeing rapid growth and Melrose Park, IL's' housing market remains optimal with an average home price that is -8% below the 2024 national average. Melrose Park, 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 Melrose Park, IL
Median Rent in Melrose Park, IL
6 Reasons to Choose Melrose Park, IL
Eat pasta! Melrose Park is renowned in the area for its bevy of fine Italian dining spots, bakeries, and coffee shops. Abruzzo's, with its famous lunch buffet, has delighted diners for years in both the dining room and lounge. The more casual Danny's is a favorite take-out as well as dine-in spot. And of course, don't forget the ever-popular Scudiero's Italian Bakery & Deli for those chocolate biscotti.
History and books! The highly regarded Melrose Park Library includes the town's robust Historical Society, fueling a strong village interest in the origins of the town and the preservation of historic buildings around Silver Creek and Broadway.
Revitalized downtown! Recent village improvements have included wood chips and green space walking areas between Broadway and 17th Avenue and all along North Avenue. The Melrose Park Athletic Field has recently been redone, as well.
Strong housing values! With a charming village feel, Melrose Park rent to own homes are a coveted commodity. There's a community to suit just about everyone, from W. North Ave., near the wide open spaces of Thatcher Woods, to the Division Street area near Addison Creek.
Home style variety! Whether it's a large or medium sized single-family home or a townhouse that you're seeking, a wide range of options abound in every Melrose Park neighborhood. Find small to medium size single-family homes and mobile homes near W. Lake Street, where both rental and purchase pricing is very affordable at less than 93% of the cost of other regional residences. In Village Center, find apartments, condominiums, and single family homes near Bulgar Park.
Maywood Park! Love the ponies? Then you'll enjoy this half-mile race track with live horse racing and the Winner's Circle Dining Buffet. Casual dining is also available at the Saddle and Sulky Room, another local favorite that you can bet on enjoying.