Rent to own Homes in Springfield, IL
Springfield, Illinois, wasn't always the state capital. It took the work of then State Representative Abraham Lincoln to make it that way in 1839. So it's no wonder that Springfield boasts numerous Lincoln attractions, including the only home he ever owned, his old law office, and the Abraham Lincoln Presidential Library and Museum. The city of 116,000 residents is the second largest city outside the Chicago Metropolitan Area, and the largest city in Central Illinois. Springfield is also home to the Illinois General Assembly, the Illinois Supreme Court, and the Office of the Governor of Illinois. But Springfield isn't just a great place for history buffs. It's also the "Chilli Capital of the Civilized World," thanks to its delicious food.
Springfield, IL is a great place for affordable rent-to-own homes! With a median household income of over $54,164 and a median rent of $820, the Springfield, 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 Springfield, 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 Springfield, IL Property Resources
Rent to own Homes in Cities Near Springfield, IL
- Alexander
- Ashland
- Athens
- Auburn
- Berlin
- Buffalo
- Cantrall
- Chatham
- Clear Lake
- Cornland
- Curran
- Dawson
- Divernon
- Elkhart
- Farmersville
- Franklin
- Girard
- Glenarm
- Grandview
- Greenview
- Jerome
- Kincaid
- Lake Petersburg
- Leland Grove
- Lincolns New Salem
- Loami
- Mechanicsburg
- Middletown
- New Berlin
- Pawnee
- Petersburg
- Pleasant Plains
- Riverton
- Rochester
- Sherman
- Southern View
- Spaulding
- Springfield
- Tallula
- Thayer
- Tovey
- Virden
- Waverly
- Williamsville
Neighborhoods in Springfield, IL
Twin Lakes rent to own homes Irisdale rent to own homes Lincoln Park rent to own homes Enos Park rent to own homes Pillsbury rent to own homes Oak Ridge rent to own homes Val-E-Vue rent to own homes Youngston / Holiday Hills rent to own homes Jefferson Park rent to own homes Collingwood rent to own homesBuying a Home in Springfield, IL
Springfield, IL is seeing rapid growth and Springfield, IL's' housing market remains optimal with an average home price that is -40% below the 2024 national average. Springfield, IL is part of Sangamon 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 Sangamon is 1.87% which is above the national average, which is 0.99%.
Median Home Price in Springfield, IL
Median Rent in Springfield, IL
Top Reasons to Live in Springfield IL
Selected Housing Statistics Within the city of Springfield, there are 48,345 households, according to the United States 2010 Census. The median value of a house in Springfield is $123,928, which is below the state median of $192,867. Renters occupy 15,346 rental homes, and the median rent is $762.00 a month. Rent-to-own homes are not a popular option at present in Springfield as the market is unsettled. Since 2012, home values in Springfield have declined by 0.03 percent. The cost of living in Springfield is 10.20 percent lower than the average for the United States as a whole.
Largest Employers and Industries The Springfield metropolitan area has 94 major employers, and the top 10 employers all have more than 1,000 employees. As the state capital, it should come as no surprise that government is the number one employer in the city with 18,300 workers. The next largest employer is Memorial Health System with 6, 047 employees. Following as the third largest employer, with only half the size work force of Memorial Health System, is another health care institution, St. Johns Hospital. Their employees number 3,004. Other large employers include the National Guard, Springfield School District #6, two universities, the City of Springfield and two more health-related facilities. It appears that civil service, education, and healthcare are the driving forces of Springfield's economy.
Local Events and Festivals Springfield is a city that enjoys its festival and events. There are things happening year round, so no matter what type of fun you're looking for, you're sure to be satisfied.
Neighborhoods Downtown Springfield: Ten years ago, the downtown neighborhood had little to offer for those looking to live there. All that has changed, though, thanks to a successful and quick renewal effort by the Springfield community, and the neighborhood is now Springfield's most popular. The Abraham Lincoln Presidential Library and Museum anchors a new hip neighborhood filled with ground-floor retailers with apartments above, as well as high-energy bars and clubs providing a vibrant nightlife.