Rent to own Homes in Farmington, MN
Considered the metropolis of Dakota County, Farmington is home to more than 21,000 residents. At first, Farmington was a rural, small and agricultural community; however, the city has ballooned in recent years because of an emphasis on commercial development and community involvement. Split into three distinct areas, many places in Farmington have gone through recent renovations to make them a state-of-the-art, modern city.
Farmington, MN is a great place for affordable rent-to-own homes! With a median household income of over $95,326 and a median rent of $1,280, the Farmington, 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 Farmington, 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 Farmington, MN Property Resources
Rent to own Homes in Cities Near Farmington, MN
- Arden Hills
- Brooklyn Center
- Brooklyn Park
- Cannon Falls
- Chanhassen
- Columbia Heights
- Cottage Grove
- Crystal
- Deephaven
- Dennison
- Elko New Market
- Gem Lake
- Hampton
- Hastings
- Inver Grove Heights
- Lake Elmo
- Landfall
- Maplewood
- Medicine Lake
- Mendota
- Mendota Heights
- Mounds View
- New Brighton
- Newport
- New Trier
- Northfield
- North St. Paul
- Oakdale
- Prior Lake
- Randolph
- Robbinsdale
- Rosemount
- Roseville
- Shakopee
- Shoreview
- Shorewood
- South St. Paul
- St. Louis Park
- St Paul
- Saint Paul
- St. Paul Park
- Sunfish Lake
- Vadnais Heights
- Vermillion
- Wayzata
- Webster
- West St. Paul
- White Bear Lake
- Woodbury
- Woodland
Neighborhoods in Farmington, MN
Charleswood rent to own homes Fair Hills rent to own homes Middle Creek rent to own homes Troyhill rent to own homes Meadow Creek rent to own homes Dakota County Estates rent to own homesPopular Zip Codes in Farmington, MN
55024 rent to own homesBuying a Home in Farmington, MN
Farmington, MN is seeing rapid growth and Farmington, MN's' housing market remains not optimal with an average home price that is 24% above the 2024 national average. Farmington, MN is part of Dakota 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 Dakota is 1.02% which is above the national average, which is 0.99%.
Median Home Price in Farmington, MN
Median Rent in Farmington, MN
Top 6 Reasons to Live in Farmington, MN
Unique history! Farmington was settled in the early 1850s and had an integral role in the state's agricultural and transportation sectors because it was home to one of the few railroad stations in the area. Today, Farmington remains home to three buildings that are on the National Register of Historic Places in the United States: the Daniel Akin House, the Exchange Bank Building and the Church of the Advent.
Best steak in the area: Rated as having the best steak in the Minneapolis-St. Paul metro area, the Farmington Steak House may not look like much from the outside, but the food is spectacular. For live music, interesting personalities and tasty food, visit a local favorite - the Long Branch Saloon & Eatery.
Inclusive community: Farmington is a community that prides itself on being a place where everyone knows the neighbor's name. In order to foster a tight knit feel, Farmington is host to the Dakota County Fairgrounds. Encompassing more than 300 acres, the fairgrounds attract more than 100,000 visitors every year. In addition, Farmington has numerous bike trails along the Vermillion River that wind their way by the water, through the historic downtown and into new developments.
Adopt-A-Park or Adopt-A-Lake: Individuals with a love for nature will want to consider adopting a park in Farmington. In exchange for their service to the park, a sign is posted at the entrance to recognize the individuals who have committed time and money to the park's upkeep. Parks and lakes like North Creek and Prairie View are still available for adoption.
Numerous price cuts = buyer's market: Not only have 54.2 percent of homes for sale had a price cut, but 39 percent have sold below the listing price. As a result, buyers can snag a great deal on a rent to own home in a neighborhood like Castle Rock or Everest Path.
Rising home values: Currently, the median home value in Farmington is $223,700, and this figure is expected to grow nearly four percent in 2015. Desirable homes are available in communities like City Center and Chippendale Ave.