Rent to own Homes in Hibbing, MN
Hibbing is a town literally built on iron ore. Home to the world's largest open-pit iron mine, the town was named after the German iron-ore prospector who founded it. The city and the iron mine developed together, and in 1915 when iron was found to extend under the downtown area, 200 buildings were relocated to a new site two miles away. In later years, Hibbing annexed a number of townships and unincorporated communities, and the city of 16,361 residents now includes a total of 186 square miles.
Hibbing, MN is a great place for affordable rent-to-own homes! With a median household income of over $47,030 and a median rent of $580, the Hibbing, 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 Hibbing, 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.
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Hibbing, MN is seeing rapid growth and Hibbing, MN's' housing market remains optimal with an average home price that is -49% below the 2024 national average. Hibbing, MN is part of St. Louis 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 St. Louis is 0.78% which is below the national average, which is 0.99%.
Median Home Price in Hibbing, MN
Median Rent in Hibbing, MN
Top 4 Reasons to Live in Hibbing, MN
Homes are exceptionally affordable! Hibbing is beginning to recover from the recent economic downturn, with the enthusiastic assistance of the city's Economic Development Authority. For now, the median home price is a modest $76,800, although this number is expected to begin rising in 2015. Fly into Range Regional Airport to start checking out properties, and get the bird's view of the town from the 6750-foot long main runway. Businesses that operate in the airport's 323-acre Jobz Zone are exempt from paying any income or property tax, adding to the attractive incentives to relocate to Hibbing.
It's a winter wonderland! Carey Lake Park has five different cross-country ski trails, offering something for every skill level. Evening skiing on the lit-up Black Forest trail makes for an especially magical experience. If you just can't get enough frozen water, the Hibbing Curling Club provides seven ice sheets in the Memorial Building Arena for the club's 500 members.
There's plenty of room to stretch out! With a population density of just 90 people per square mile, Hibbing offers as much elbow room as one could wish for. Rent to own houses are plentiful in Hibbing, and homes for rent are available for an average of $950 per month. Moving here puts you in good company, as it was the childhood home of singer Bob Dylan. The Bob Dylan Walking Tour offers visitors a chance to see the city through his eyes. To replenish your energy after the tour, visit Hibbing's popular Thirsty Moose Bar and Grill.
Historical buildings! Constructed by the mining company back when the town was moved, Hibbing High School is on the National Register of Historic Places. It features crystal chandeliers, marble floors, and countless irreplaceable period details. While you're in a nostalgic mood, visit the Hibbing Historical Museum and view a model of the old town before the famous move.