Rent to own Homes in Springfield, MA
Springfield, Massachusetts was the first Springfield in the United States, and it is definitely the best of the 38 places across the country named Springfield. Springfield's motto is "Make it happen!" mostly because so many important inventions were created in the city: mass production and interchangeable parts, America's first car, and the first American musket at the Springfield Armory, which was the primary armory for the U.S. military from 1777 until it closed in 1968. And the best piece of history? Springfield was the birthplace of Dr. Seuss, and the inspiration for "And to Think That I Saw it on Mulberry Street!"
Springfield, MA is a great place for affordable rent-to-own homes! With a median household income of over $41,571 and a median rent of $908, the Springfield, MA 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, MA. 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, MA Property Resources
Rent to own Homes in Cities Near Springfield, MA
- Agawam Town
- Amston
- Avon
- Berlin
- Brimfield
- Broad Brook
- Chicopee
- Coventry Lake
- Crystal Lake
- Eastford
- East Granby
- East Haddam
- East Hampton
- East Hartford
- East Windsor
- Ellington
- Feeding Hills
- Glastonbury Center
- Granby
- Hampton
- Hartford
- Hebron
- Holland
- Holyoke
- Lake Pocotopaug
- Longmeadow
- Monson Center
- New Britain
- Newington
- Palmer Town
- Portland
- Rockville
- Simsbury
- South Coventry
- South Glastonbury
- Southwood Acres
- Springfield
- Suffield
- Terramuggus
- Thompsonville
- Weatogue
- Westfield
- West Springfield
- West Suffield
- Wethersfield
- Willington
- Windsor
- Windsor Locks
- Woodstock
- Woodstock Valley
Neighborhoods in Springfield, MA
Bay rent to own homes Boston Road rent to own homes Brightwood rent to own homes East Forest Park rent to own homes East Springfield rent to own homes Forest Park rent to own homes Indian Orchard rent to own homes Liberty Heights rent to own homes McKnight rent to own homes Memorial Square rent to own homesBuying a Home in Springfield, MA
Springfield, MA is seeing rapid growth and Springfield, MA's' housing market remains optimal with an average home price that is -25% below the 2024 national average. Springfield, MA is part of Hampden 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 Hampden is 1.36% which is above the national average, which is 0.99%.
Median Home Price in Springfield, MA
Median Rent in Springfield, MA
Top Reasons to Live in Springfield MA
Housing Statistics Springfield is a large city that appears to have weathered the housing recession well, and could be a good place to look for rent to own houses. Out of 61,700 housing units, only 5,000, or about 8 percent, are vacant. For rental apartments only, the vacancy rate drops to 3.7 percent. Interestingly, the number of housing units that are owner-occupied is about equal to the number that are renter-occupied. Between May and August 2013, the median price for homes sold increased significantly, and the median sale price over the past 12 months was $97,400.
Employers and Industries The top employers in the city are MassMutual Financial Group (which is headquartered in the city), Baystate Medical Center, and Mercy Medical Center. As for industries, healthcare is far and away the largest employer in the area, while other big industries include education, transportation, and manufacturing and technology. In fact, as of 2011, The Business Journal ranked Springfield the 24th most robust high-tech metropolitan center in the United States, with nearly 400 high-tech companies employing 13,700 people. Other companies headquartered in the city include Smith & Wesson Guns, Big Y Supermarkets, Merriam Webster, and Peter Pan Bus.
Outdoor Activities A big draw for tourists to the Springfield area is Six Flags New England, which is located in Agawam, just minutes from downtown Springfield. The park hosts the Bizarro roller coaster, ranked in one of the top two spots every year since 2000 for the Golden Ticket Awards by Amusement Today. It also has many other roller coasters and a large water park. Another big outdoor draw is the Big E, New England's collective State Fair, held each September. Another pleasant outdoor activity is walking around the city and admiring the Victorian "Painted Ladies" architecture, which has given Springfield the nickname, City of Homes.
Neighborhoods There are several distinct neighborhoods in Springfield. Besides Metro Center, which is where you'll find Main Street and most of the city's commercial activity, there are many pleasant residential areas to settle down in, such as: