Rent to own Homes in Albert Lea, MN
Located in southeastern Minnesota, Albert Lea is an approximately 90-minute drive from the Twin Cities. Originally an agricultural town, the city has since become something of a medical hub, with the Mayo Clinic Health System currently the largest employer. Albert Lea is also known for its gorgeous scenery, with the city and the surrounding area boasting several beautiful lakes and an expansive park system.
Albert Lea, MN is a great place for affordable rent-to-own homes! With a median household income of over $45,929 and a median rent of $728, the Albert Lea, MN 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 Albert Lea, MN. 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 Albert Lea, MN Property Resources
Rent to own Homes in Cities Near Albert Lea, MN
Neighborhoods in Albert Lea, MN
No neighborhoods foundPopular Zip Codes in Albert Lea, MN
56007 rent to own homesBuying a Home in Albert Lea, MN
Albert Lea, MN is seeing rapid growth and Albert Lea, MN's' housing market remains optimal with an average home price that is -53% below the 2024 national average. Albert Lea, MN is part of Freeborn 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 Freeborn is 1.01% which is above the national average, which is 0.99%.
Median Home Price in Albert Lea, MN
Median Rent in Albert Lea, MN
Top 5 Reasons to Live in Albert Lea, MN
Breathtaking lakes! Minnesota is often referred to as the Land of 10,000 Lakes. Several of the most beautiful can be found in the Albert Lea area, which is home to Pickerel Lake, Goose Lake, School Lake, Albert Lea Lake and Fountain Lake. These bodies of water provide ample opportunities for recreation, with community members enjoying boating and swimming in the summer, as well as ice fishing during the winter months.
Dedication to the arts! The arts are very important in the Albert Lea area, as evidenced in an impressive gallery at the Albert Lea Art Center. A variety of art lessons are available at this location, including a fiber arts class and a small canvas decoupage class. The community also places an emphasis on the performing arts, with the Albert Lea Community Theatre delighting audiences for the past five decades.
Low property taxes! Aspiring Albert Lea residents will be relieved to learn that, unlike many of Minnesota's communities, Albert Lea boasts a surprisingly low property tax rate. The property tax rate per $1,000 of home value is currently $11.68, which is significantly lower than the United States average of $12.07. This is great news for those interested in buying outright or pursuing rent to own opportunities.
Low vacancy rate! Accommodations vary in Albert Lea, with some residents choosing to live in the Gray Gables Apartments and Fountain Lake Estates, while many others invest in condominiums or traditional single-family homes. No matter the living arrangement, it's clear that this is a popular place to establish a home -- the vacancy rate is currently only 5.64 percent!
Relive history at the Freeborn County Historical Village! The Albert Lea community is proud of its heritage, which is celebrated all year long at the Freeborn County Historical Museum and its adjacent Historical Village. Attractions at these popular destinations include a one-room schoolhouse, a log cabin, a mill house and a barber shop. Several additional exhibits are housed in the attraction's main two-story building, which also features an extensive collection of historical archives.