Rent to own Homes in Bloomington, IN
Bloomington is an Indiana city located about 50 miles outside of Indianapolis. It is the county seat of Monroe County. It was first incorporated in 1818, when former President James Monroe decided to use the site as the location of a seminary. Now, this seminary serves as the Indiana University.
Bloomington, IN is a great place for affordable rent-to-own homes! With a median household income of over $41,354 and a median rent of $946, the Bloomington, IN 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 Bloomington, IN. 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 Bloomington, IN Property Resources
Rent to own Homes in Cities Near Bloomington, IN
- Avon
- Bargersville
- Beech Grove
- Bethany
- Boggstown
- Brooklyn
- Brownsburg
- Camby
- Carmel
- Clayton
- Clermont
- Cordry Sweetwater Lakes
- Crows Nest
- Cumberland
- Danville
- Edinburgh
- Fairland
- Fishers
- Fountaintown
- Franklin
- Greenwood
- Homecroft
- Indianapolis
- Lawrence
- Martinsville
- McCordsville
- Meridian Hills
- Monrovia
- Mooresville
- Morgantown
- Needham
- New Palestine
- New Whiteland
- Nineveh
- Noblesville
- North Crows Nest
- Painted Hills
- Pittsboro
- Plainfield
- Princes Lakes
- Rocky Ripple
- Southport
- Speedway
- Spring Hill
- Spring Lake
- Trafalgar
- Warren Park
- Westfield
- Whiteland
- Williams Creek
Neighborhoods in Bloomington, IN
Autumnview rent to own homes Rockport Hills rent to own homes Crestmont rent to own homes Park Ridge rent to own homes Fritz Terrace rent to own homes West Pointe rent to own homes Hearthstone Village rent to own homes Country View rent to own homes Eastside rent to own homes Green Acres rent to own homesPopular Zip Codes in Bloomington, IN
47407 rent to own homes 47402 rent to own homes 47406 rent to own homes 47405 rent to own homesBuying a Home in Bloomington, IN
Bloomington, IN is seeing rapid growth and Bloomington, IN's' housing market remains not optimal with an average home price that is 1% above the 2024 national average. Bloomington, IN is part of Monroe 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 Monroe is 0.78% which is below the national average, which is 0.99%.
Median Home Price in Bloomington, IN
Median Rent in Bloomington, IN
Top Reasons to Live in Bloomington IN
Housing Statistics If you're looking for a house that's buyable, rentable or rent to own, you'll want to know more about the housing market in Bloomington. On average, the price per square foot for housing in Bloomington sits at $62, which represents a total drop of 61.5% in comparison to the year prior. The median price for houses in Bloomington is measured at $78,160. This figure is based on a total of 17 house sales. The figure shows a decrease of 23.9%, translated as $24,601, taken from the same period of time last year. The number of sales has also increased since last year by 15.6%. At the moment, there are 1,440 resale and new homes in the city. There are 168 homes in pre-foreclosure stage, auction stage or bank owned. The average listing sits at a total of $227,229 for the week of August 28. When compared to the week before, a 0.4 decrease is visible. 63.31% of the houses in Bloomington are rented, while 4.46% are currently unoccupied.
Arts and Culture Residents of Bloomington enjoy a plethora of educational and cultural gems scattered across the area. One of the best sites in the city is the Kirkwood Observatory, named after famous astronomer Daniel Kirkwood and built in 1900. The Buskirk-Chumley Theatre is another great attraction, found downtown and listed in the National Register of Historic Places. Also, the Musical Arts Center on 1201 East Third Street is a favorite in the area. The "MAC" is Indiana University's premier performance venue and home to the School of Music Department of Ballet. A few smaller concert halls can be found in Simon Music Center. The School of Music uses these halls for recitals and chamber concerts. For showcases of artwork, check out the non-profit Theatre of The People. Another recommendation is the Mathers Museum of World Cultures on 416 N. Indiana Avenue.
Local Shopping For shopping, Kirkwood Avenue is highly recommended. This street leading form Downtown Square to the entrance of the university is where visitors will find a range of clothing stores and souvenir shops. The Fountain Square Mall is another hot-spot for a somewhat unique shopping experience. An upscale mall found downtown, shoppers can enjoy vintage clothing stores, expensive clothing, a games store, a local artist's coop and a toy store. Opposite, readers will be dazzled by Caveat Emptor, a used-book store which is filled to the brim with forgotten wonders. Landlocked Music, also found downtown, is the place to go for music lovers. Here, shoppers can find a rich selection of new and used music.
School Systems There is a good network of schools running throughout Bloomington. The five top-rated public schools are as follows: Childs Elementary School, Lakeview Elementary School, Bloomington High School South, Jackson Creek Middle School and Tri-North Middle School. In terms of higher education, President James Monroe's famous seminary was converted into Indiana University in 1848. This university offers a wide range of different programs for its students and boasts one of the most spectacular campuses in the country.
Transportation and Commutes To get into the city by car, it's best to use the S.R 37 State Road 37, which is the main highway running straight through Bloomington. It then reaches Indianapolis. Also, look for S.R 46 State Road, which goes through the town and east into Brown Country. Getting into the city is also done easily by bus. The Miller Trailways is a daily bus service going to Bloomington from Indianapolis. There is a shuttle service that offers multiple runs to and from the Indianapolis airport. To get around town, residents say that the Bloomington Transit can be taken advantage of -- it's a city-wide bus system with many convenient routes. There are also many bike paths with low traffic for car use. Avoid the high prices of the taxis going around the town.