Rent to own Homes in Prior Lake, MN
The city is laid out around a series of lakes that are remnants from the Ice Age, when they were formed by huge glaciers. The first European settlers arrived here in the early 1800s but the town wasn't formed until 1872. Growth was moderate until the late 1960s, when it became a popular suburb for Minneapolis, 27 miles to the north. Just over 23,000 people call it home today. It's an area that experiences all four seasons and embraces each.
Prior Lake, MN is a great place for affordable rent-to-own homes! With a median household income of over $108,481 and a median rent of $1,220, the Prior Lake, 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 Prior Lake, 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 Prior Lake, 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 Prior Lake, MN
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Prior Lake, MN is seeing rapid growth and Prior Lake, MN's' housing market remains not optimal with an average home price that is 51% above the 2024 national average. Prior Lake, MN is part of Scott 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 Scott is 1.03% which is above the national average, which is 0.99%.
Median Home Price in Prior Lake, MN
Median Rent in Prior Lake, MN
4 Great Reasons to Live in Prior Lake, Minnesota
Fourteen lovely lakes! Within the city limits are no less than 14 lakes, and Upper and Lower Prior Lake are the biggest. Everything from boat, shore and ice fishing, to hiking, biking and swimming await. Sand Point Beach and Watzl's Point Beach are both on Prior Lake, offering swimming and sunning pleasures. Boat slips and canoe rentals are available. In the winter snowmobiling on the lakes is popular, just make sure the ice is thick enough.
Get in on the buyers market! The median sales price in late 2014 of $269,900 was down 9.4 percent from the same period the year before. That could indicate sellers are willing to look at more offers, and searching for rent to own houses could prove productive. Properties with boat docks abound on Lower and Upper Prior Lake, as well as Spring Lake. The Deerfield Park neighborhood features newer homes.
Unique food spots! Most of the eateries in town are spread along Highway 13, the divided roadway that heads north into Minneapolis. You will find chains and places that allow you to explore some local options that are outside the box. Artisan Coffee Bistro is more than just a great place to grab a cup. Bistro-style lunches and soups tempt the palate, as well as homemade baked goods. Edelweiss Bakery on Main Ave. is another fantastic place for great baked delights.
Lots of homes near great golfing! For fans of the game, there are many places to play, most of them featuring water. Try the greens at Wilds Golf Club, where they snake through nice homes with golf course views. A short distance away, Meadows at Mystic Lake invites you to go a few rounds on the course. The fairways are next to Mystic Casino, if you fancy a different style of gaming. Homes around this course are more rural and on larger lots. Legends Golf Club to the southeast features a few executive-style houses that front the greens.