Rent to own Homes in New Hope, MN
In the early decades of the 1900s, much of what is now the city of New Hope consisted of family farms. In the 1950s, the city of New Hope was incorporated as rapid growth of the Minneapolis metropolitan area created a high demand for nearby housing. Today, New Hope is a thriving modern city of over 20,000 that has remained true to its rural heritage.
New Hope, MN is a great place for affordable rent-to-own homes! With a median household income of over $60,762 and a median rent of $1,084, the New Hope, 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 New Hope, 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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Rent to own Homes in Cities Near New Hope, MN
- Anoka
- Apple Valley
- Arden Hills
- Blaine
- Brooklyn Center
- Burnsville
- Carver
- Cedar
- Centerville
- Champlin
- Chanhassen
- Columbia Heights
- Columbus
- Coon Rapids
- Dayton
- Deephaven
- Eagan
- Eden Prairie
- Edina
- Elk River
- Excelsior
- Falcon Heights
- Farmington
- Fridley
- Golden Valley
- Greenwood
- Ham Lake
- Hanover
- Hilltop
- Hopkins
- Inver Grove Heights
- Lauderdale
- Lino Lakes
- Little Canada
- Long Lake
- Maple Grove
- Maple Plain
- Maplewood
- Medina
- Mendota
- Minnetonka
- Minnetrista
- Mound
- New Hope
- North Oaks
- Oak Grove
- Orono
- St Paul
- Wayzata
- West St. Paul
Neighborhoods in New Hope, MN
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55428 rent to own homesBuying a Home in New Hope, MN
New Hope, MN is seeing rapid growth and New Hope, MN's' housing market remains not optimal with an average home price that is 8% above the 2024 national average. New Hope, MN is part of Hennepin 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 Hennepin is 1.14% which is above the national average, which is 0.99%.
Median Home Price in New Hope, MN
Median Rent in New Hope, MN
Top 4 Reasons to Live in New Hope, MN
A wide range of activities for all ages! There are 20 parks within the New Hope city limits, and it borders the urban jewel, Medicine Lake. Young and old alike can find plenty of ways to stay active year-round, with dozens of indoor and outdoor activities offered through the city's Parks and Recreation department. From snowshoeing to golf, there is something for everyone. Details can be found in the city's quarterly "In Motion" publication.
Home values are on the rise! If you're looking for rent to own homes, you should consider New Hope. Experts report that the housing market in New Hope is "very hot," with current median home values up around 3% since last year. Get in now to see your home valuation rise! New Hope is also home to a variety of local businesses that offer great employment opportunities. The Arc's Value Village and Waymouth Farms together employ around 800 people in entry- and mid-level positions, while smaller companies within New Hope and neighboring cities offer a number of jobs in the IT and medical fields.
Only a 15-minute drive to Minneapolis! Whether you drive yourself via Highway 169 and Interstate-394 or take the Metro Transit 721 bus, you can get to the regional mecca of Minneapolis in under 20 minutes. There you can have a ballpark hot dog at Target Field or a James Beard Award-winning meal at La Belle Vie before catching a show at one of the top-tier theaters along Hennepin Avenue.
A diverse array of neighborhoods! New Hope residents love their neighborhoods, and it shows. In a recent survey conducted by the city, 85 percent of residents rated the appearance of their neighborhoods as good or excellent. There is a wide range of housing options, from multi-family rental units to single family homes, and with a crime index well below the state average, you can be sure that any neighborhood you choose will be a safe one. Try the growing Borough Center or Glendale/Highton areas.