Rent to own Homes in O'Fallon, IL
O'Fallon, IL is located in St. Clair county in Illinois. Bernard Securities called O'Fallon "one of the fastest growing communities in the Metropolitan St. Louis area" in 2010. O'Fallon has a population just under 30,000. It is the third-largest city in Southern Illinois. O'Fallon residents can bask in the benefits of small-town living without sacrificing any convenience. You'll always find a friendly face in O'Fallon!
O'Fallon, IL is a great place for affordable rent-to-own homes! With a median household income of over $90,432 and a median rent of $1,134, the O'Fallon, 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 O'Fallon, 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 O'Fallon, IL Property Resources
Rent to own Homes in Cities Near O'Fallon, IL
- Affton
- Arnold
- Bella Villa
- Bellefontaine Neighbors
- Bellerive
- Bel-Nor
- Bel-Ridge
- Berkeley
- Beverly Hills
- Black Jack
- Brentwood
- Brooklyn
- Castle Point
- Centreville
- Clayton
- Concord
- Cool Valley
- Country Club Hills
- Crestwood
- Dellwood
- Ferguson
- Flordell Hills
- Glasgow Village
- Glen Echo Park
- Grantwood Village
- Green Park
- Hamel
- Hanley Hills
- Hillsdale
- Holiday Shores
- Lakeshire
- Maplewood
- Mehlville
- Normandy
- Northwoods
- Norwood Court
- Pagedale
- Pasadena Park
- Pine Lawn
- St. Louis
- University City
- Uplands Park
- Velda City
- Velda Village Hills
- Vinita Park
- Vinita Terrace
- Webster Groves
- Wellston
- West Alton
- Wilbur Park
Neighborhoods in O'Fallon, IL
No neighborhoods foundPopular Zip Codes in O'Fallon, IL
62269 rent to own homesBuying a Home in O'Fallon, IL
O'Fallon, IL is seeing rapid growth and O'Fallon, IL's' housing market remains optimal with an average home price that is -1% below the 2024 national average. O'Fallon, IL is part of St. Clair 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 St. Clair is 1.87% which is above the national average, which is 0.99%.
Median Home Price in O'Fallon, IL
Median Rent in O'Fallon, IL
Four Reasons to Live in O'Fallon, Illinois
A fast-growing community! O'Fallon, Illinois is one of the fastest growing areas in the metropolitan St. Louis area. Although the population remains under 30,000 as of 2012, O'Fallon was listed as "one of the fastest growing communities in the Metropolitan St. Louis area." Up-and-coming communities mean community value will continue to increase. A home purchase in a growing community is a better long-term investment than a purchase in a community that is decreasing in size. With a vacancy rate of 5.6 percent, if you want a home, you should start shopping now. It might take awhile to find the home of your dreams but it's worth it. Some of the most popular neighborhoods for new residents are Fairwood Hills and North Smiley St, which have a strong community base.
Rich military history! O'Fallon is located near the Scott Air Force Base, in which many residents take pride. O'Fallon is home to the O'Fallon Veterans' Monument, where residents can explore the burial ground of many famous local war heroes and honor the sacrifice of past and current military members. The center has several exciting growth plans for 2015 and beyond that will make this military museum even more detailed and relevant.
Connect with Nature! O'Fallon residents are proud of their connection with nature and the city boasts multiple ways to do this, including eleven local parks. Residents can play a range of sports including hiking, soccer and basketball. At Skate Park, residents are encouraged to skate or skateboard at the numerous skating facilities. Fans of traditional playgrounds will love Savannah Hills Park. Experience creek-side adventures and exploration at Ogles Creek Park with hiking trails, forest views and picnic areas.
Property values are rising! The average home value of O'Fallon homes is $189,722, up from just over $111,000 in 2000. Some of the neighborhoods with the fastest-growing property values include Carbon, Scott Troy Rd and Furman. As the community gains in popularity and growth, home values should continue to rise. If you want to buy a home but can't fit it into your budget right now, talk to the seller about working out a rent to own deal.