Rent to own Homes in Richmond, KY
Even though the city spans just 33 square miles, Richmond, Kentucky, is rich in history and tradition and has plenty of activities to please all ages. Nestled in the heart of horse country, Richmond is home to 32,550 Kentuckians from all walks of life. The city also includes nearly 16,000 students attending Eastern Kentucky University. Thanks to a quaint, historic downtown district and scenic beauty, Richmond is more than just another small town.
Richmond, KY is a great place for affordable rent-to-own homes! With a median household income of over $39,329 and a median rent of $713, the Richmond, KY 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 Richmond, KY. 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.
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40475 rent to own homesBuying a Home in Richmond, KY
Richmond, KY is seeing rapid growth and Richmond, KY's' housing market remains optimal with an average home price that is -32% below the 2024 national average. Richmond, KY is part of Madison 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 Madison is 0.74% which is below the national average, which is 0.99%.
Median Home Price in Richmond, KY
Median Rent in Richmond, KY
Top 6 Reasons to Live in Richmond, KY
Outdoor opportunities abound! Soak in the scenic beauty of Richmond by participating in a range of outdoor activities. Check out Fort Boonesborough State Park, which sits on the banks of the Kentucky River. Here, you can hike, bike, boat and camp. Golfers will enjoy Gibson Bay, a par-72 public golf course that is a part of the city's Lake Reba recreational facility.
A taste of history! Check out the site of the Civil War Battle of Richmond, which took place on August 29-30, 1862. Go on a historical tour of Battlefield Park and Pleasant View, a home that served as a hospital during and after the battle.
Rub Daniel Boone's foot! Check out the Daniel Boone Monument at Eastern Kentucky University. EKU students rub Boone's foot for good luck before a big exam, and you can give his foot a tap for some good luck of your own. Afterwards, head over to local favorite The Paddy Wagon and seal that luck in with a pint and a live music performance.
Cheer for the Colonels! Eastern Kentucky University features 15 men's and women's sports, allowing sports fans to take in some local collegiate athletics. Cheer for the football team at EKU's Roy Kidd Stadium, or take in a basketball or volleyball match at nearby Alumni Coliseum.
Find a place to live -- temporarily! Because of its large student population of around 16,000 EKU students, Richmond has plenty of rental homes, rent to own houses and apartments. Check out The Lofts in historic downtown Richmond or newly renovated Park Place, which is within walking distance of EKU.
Get more for your money! Richmond boasts a low cost of living that is under the national average. Housing prices reflect this with the average home in Richmond going for less than $140,000. Check out several sprawling neighborhoods in the Richmond community, where you can find homes at a variety of price points. Boone's Trace is an access-controlled community featuring more than 300 homes. Neighboring Fieldstone and Hampton Ridge communities offer many housing options. Fieldstone alone features 27 floor plans with three to four bedrooms and at least two bathrooms.