Rent to own Homes in Pekin, IL
Pekin, Illinois is home to many industrial, manufacturing, professional and alternate energy companies, giving the area a stable economic foundation. It is also a good place to start a business as evidenced by the success of some of the major area businesses, which include Proctor Hospital, Caterpillar Inc., Affina and Advanced Technology Services. The city offers a stable economy with great growth potential.
Pekin, IL is a great place for affordable rent-to-own homes! With a median household income of over $50,552 and a median rent of $671, the Pekin, 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 Pekin, 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 Pekin, IL Property Resources
Rent to own Homes in Cities Near Pekin, IL
- Bartonville
- Bay View Gardens
- Bellevue
- Bradford
- Brimfield
- Chillicothe
- Creve Coeur
- Dahinda
- Dunlap
- East Peoria
- Edelstein
- Edwards
- Elmwood
- Farmington
- Galva
- Germantown Hills
- Glasford
- Hanna City
- Hopewell
- Kewanee
- Lacon
- La Fayette
- Lake Camelot
- Laura
- Lowpoint
- Mapleton
- Marquette Heights
- Mossville
- Neponset
- North Pekin
- Norwood
- Oak Run
- Pekin
- Peoria
- Peoria Heights
- Princeville
- Putnam
- Rome
- Smithville
- Sparland
- Speer
- Spring Bay
- Toulon
- Trivoli
- Victoria
- Washington
- West Peoria
- Williamsfield
- Wyoming
- Yates City
Neighborhoods in Pekin, IL
North Of Broadway rent to own homes South Of Broadway rent to own homes Downtown Pekin rent to own homes Sunset Hills rent to own homesPopular Zip Codes in Pekin, IL
61555 rent to own homes 61558 rent to own homes 61554 rent to own homesBuying a Home in Pekin, IL
Pekin, IL is seeing rapid growth and Pekin, IL's' housing market remains optimal with an average home price that is -52% below the 2024 national average. Pekin, IL is part of Tazewell 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 Tazewell is 1.85% which is above the national average, which is 0.99%.
Median Home Price in Pekin, IL
Median Rent in Pekin, IL
Top 6 Reasons to Live in Pekin, Illinois
Golf and More Golf! Not only does Pekin offer beautiful scenery at the many National Parks it hosts, but it also is home to four championship golf courses. Sunset Hill and Parkview are 18-hole public golf courses. The Pekin Country Club is a private 18-hole golf course that gives residents and visitors a chance to perfect their swing or stroke. From rolling hills to flat greenery, this private course is a challenge for even the most avid golfer.
Convenient location in Illinois! Pekin is right on the Illinois River, which provides excellent recreational activities. Located a little over two hours away from Chicago on one side and St. Louis on the other, it sits nestled away from the hustle of a metropolitan city, but is just close enough to travel whenever time permits. This makes it significantly convenient to catch a professional sports game or take in some big city shopping without even having to stay the night away from home. The Pekin Mineral Springs Park and Lagoon, located in the heart of the city, offers over 200 acres of joy, including a water park, ice area, skate park, bike trail, and more.
Available homes for sale! This city has a competitive supply of homes with an average listing price of $115,000. This makes the housing market extremely competitive for buyers when compared to its neighboring cities. Many of these homes are available directly from owners or government agencies as rent-to-own or lease-option purchase deals. This is valuable when you are considering purchasing a home soon, yet do not have a large sum prepared for a down payment on a loan. From suburban neighborhoods, such as Schaeferville to more quaint rural areas, there's somewhere for everyone to call home. In addition to this, any home in Pekin offers you access to the nearby Royal Avenue or 4H shelters that may be used for picnics and other activities.
Neighborhoods for the choosing! There are many established neighborhoods in the area. North Pekin and the area near Bradley University have plenty of house and apartment options to choose from. A good fraction of the apartments are pet-friendly. There are plenty of restaurants and shopping opportunities nearby, so you can take advantage of the low cost of living in the area (approximately 15 percent below the average in the state) to enjoy a little fun time.
Attractions abound in town! There are various entertaining activities in Pekin and the nearby areas. From skate lessons at Planet X Roller World or bowling at Sunset Lanes, there is something for everyone. There are several miniature golf spots, or you may even consider camping along the river if you enjoy nature. About nine miles away, you can listen to the Peoria Symphony Orchestra, watch the Peoria Ballet or see exquisite exhibits at the Peoria Riverfront Museum. Also, if you love the outdoors, you can handpick your own apples at Apple Blossom Farm.