Rent to own Homes in North Chicago, IL
Located on the outer edge of the Chicago Metropolitan Area, North Chicago is home to 32,574 residents. The town is known for its several medical colleges and proximity to Lake Michigan. It was incorporated as a village in 1895 and grew rapidly after the establishment of the Great Lakes Naval Training Center in 1911, which exists to this day. The town also includes Greenbelt Lake County Forest Preserve with picnic areas, trails, and a cultural center.
North Chicago, IL is a great place for affordable rent-to-own homes! With a median household income of over $47,213 and a median rent of $1,250, the North Chicago, 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 North Chicago, 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 North Chicago, IL Property Resources
Rent to own Homes in Cities Near North Chicago, IL
- Antioch
- Bannockburn
- Bristol
- Bull Valley
- Camp Lake
- Carpentersville
- East Dundee
- Elmhurst
- Fox Lake
- Gages Lake
- Genoa City
- Glendale Heights
- Glenview
- Golf
- Grayslake
- Green Oaks
- Hainesville
- Hanover Park
- Hawthorn Woods
- Highland Park
- Highwood
- Holiday Hills
- Indian Creek
- Knollwood
- Lake Barrington
- Lake Catherine
- Lake in the Hills
- Lakemoor
- Lake Villa
- Lily Lake
- Lincolnshire
- Long Lake
- McCullom Lake
- Mundelein
- Old Mill Creek
- Paddock Lake
- Palatine
- Park City
- Pistakee Highlands
- Port Barrington
- Richmond
- Rosemont
- Round Lake
- Schaumburg
- Schiller Park
- Solon Mills
- Volo
- Wauconda
- Wilmot
- Winthrop Harbor
Neighborhoods in North Chicago, IL
Waukegan Highlands rent to own homes Washburn Park rent to own homes Sheridan Crossing rent to own homes Lewis Glenn rent to own homes Great Lakes West rent to own homes Midtown rent to own homes Dugdale Park rent to own homes Argonne Park rent to own homes Westown rent to own homes Trail Meadows rent to own homesBuying a Home in North Chicago, IL
North Chicago, IL is seeing rapid growth and North Chicago, IL's' housing market remains optimal with an average home price that is -50% below the 2024 national average. North Chicago, IL is part of Lake 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 Lake is 2.19% which is above the national average, which is 0.99%.
Median Home Price in North Chicago, IL
Median Rent in North Chicago, IL
Top 3 Reasons to Move to North Chicago, IL
An active community life! Every August, North Chicago hosts its annual three-day Community Days Parade. This family friendly event includes a wide range of live music, food vendors, and a 5K family run and fitness walk. There are arts and crafts vendors, a climbing wall, juggling performers, and a selection of children's favorite characters. During the holiday season in early December, North Chicago hosts its Annual Tree Lighting Ceremony outside City Hall complete with bell choir performances, a spectacular fireworks display, and a visit from none other than Santa and Mrs. Clause for the little ones at his castle.
Lower housing costs than Chicago! Average real estate prices in North Chicago are nearly half the price of Chicago proper. The median North Chicago home value in the last quarter of 2014 stands at $135,700 compared to $247,800 in the city of Chicago. This makes it a great option for commuters who can take advantage of the Skokie Highway on the western edge of the city, which provides a direct route into downtown Chicago and is close to main residential streets such as Buckley Road.
An abundance of affordable homes! With median home values significantly below the Illinois average, finding that dream house in North Chicago can be easier than anywhere else. There is a wide range of affordable homes within the budgets of most prospective buyers and these can be leased with a rent to own option. However, median rents are slightly above the Illinois state average, probably due to the fact that 63% of households are renter occupied in contrast to 32% elsewhere in Illinois, creating a higher demand. Popular neighborhoods in North Chicago include the leafy timber clad suburbia around Sheridan Road and 10th Avenue or the larger modern single unit homes close to 22nd Street.