Rent to own Homes in Portland, ME
Portland, Maine, is seeing a comeback in the single-family home real estate market. In 2012, single home sales numbered 428, up from 374 in 2011. The median selling price for a single family home was $223,950. Rental property vacancy rates fell from 7.5 percent to hover around 2 percent over the last five years. Rent to own properties are difficult to come by. The average rent for a household leasing a two-bedroom apartment is $1,050 - an increase of 200 dollars over the past five years.
Portland, ME is a great place for affordable rent-to-own homes! With a median household income of over $61,695 and a median rent of $1,204, the Portland, ME 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 Portland, ME. 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 Portland, ME Property Resources
Rent to own Homes in Cities Near Portland, ME
- Alna
- Bailey Island
- Bath
- Boothbay
- Boothbay Harbor
- Bowdoin
- Bowdoinham
- Bremen
- Bristol
- Brunswick
- Brunswick Station
- Chamberlain
- Cushing
- Damariscotta
- Dresden
- East Boothbay
- Edgecomb
- Friendship
- Gardiner
- Georgetown
- Harpswell
- Jefferson
- Newcastle
- New Harbor
- Nobleboro
- Orrs Island
- Pemaquid
- Phippsburg
- Richmond
- Round Pond
- South Bristol
- Southport
- Tenants Harbor
- Topsham
- Trevett
- Waldoboro
- Walpole
- Whitefield
- Wiscasset
- Woolwich
Neighborhoods in Portland, ME
East End rent to own homes Back Cove rent to own homes North Deering rent to own homes East Deering rent to own homes East Bayside - India Street rent to own homes Downtown rent to own homes West End rent to own homes Valley Street rent to own homes Parkside rent to own homes West Bayside rent to own homesBuying a Home in Portland, ME
Portland, ME is seeing rapid growth and Portland, ME's' housing market remains not optimal with an average home price that is 39% above the 2024 national average. Portland, ME is part of Cumberland 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 Cumberland is 1.2% which is above the national average, which is 0.99%.
Median Home Price in Portland, ME
Median Rent in Portland, ME
Outdoor Recreation In Maine, you can spend the morning hiking mountains and the afternoon on the Atlantic beach.
Portland Tourist Attractions The Portland Museum of Art
Portland Neighborhoods As an old city filled with history, many neighborhoods are fun to explore. Two important ones are the Portland Art District and Portland's Old Port. Walking both areas is easy as they are practically adjacent to one another.