Rent to own Homes in Richton Park, IL
Located in Cook County, Illinois, the village of Richton Park has a population of nearly 14,000. Stretching just 4 square miles, Richton Park is one of the more densely populated communities in the region. After the population remained steady for nearly a decade, Richton Park experienced growth in recent years as new residents moved to the city because of its lower cost of living and affordable housing market.
Richton Park, IL is a great place for affordable rent-to-own homes! With a median household income of over $63,777 and a median rent of $1,057, the Richton 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 Richton 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 Richton Park, IL Property Resources
Rent to own Homes in Cities Near Richton Park, IL
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Popular Zip Codes in Richton Park, IL
60471 rent to own homesBuying a Home in Richton Park, IL
Richton Park, IL is seeing rapid growth and Richton Park, IL's' housing market remains optimal with an average home price that is -32% below the 2024 national average. Richton 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 Richton Park, IL
Median Rent in Richton Park, IL
Top 5 Reasons to Live in Richton Park, IL
Fun community events! Bring the kids to the Richton Village Park for the Annual Holiday Express Festival that puts the children in pursuit of the mysterious Santa and his bag of gifts. Activities include hot chocolate, Christmas carols, and homemade baked goods. For adults, the New Years Eve Celebration is a can't miss night of dancing, drinking and good food.
Numerous local parks! In addition to the aforementioned Richton Village Park, the city is also home to more than 200 acres of open land at Glaeser, Pierce and Covington Parks. All three offer trails for hiking and mountain biking, recreational fields for soccer, football and baseball and jogging tracks.
A food lover's paradise! Start your day with a delicious homemade doughnut like the decadent Peanut Butter and Jelly Special at Daddy O's Donuts. For lunch, grab a slice of the best thin crust pizza in Richton Park at Chicago Dough Company. Be sure to try one of their unusual pies like the truffle oil and sausage concoction; that may sound weird, but it tastes delicious. End the day with a great dinner and exceptional service at Richton Perk.
Home values holding steady! The median home value in Richton Park has in recent years been holding steady at an affordable $116,000. Given that the median home value in the city was nearly $180,000 in 2009, it stands to reason that value will eventually climb back up. Right now, enjoy great deals on rent to own homes in a neighborhood like Jefferson Drive or Washington Drive.
Affordable homes! A whopping 62.9 percent of homes in Richton Park have sold below the original list price. As a result, potential house buyers should look at the list price as a starting point and work downwards, not upwards. The best deals can be found on a property in an area of the city like Latonia Lane or the City Center.