Rent to own Homes in Red Wing, MN
The port town of Red Wing, Minnesota got its start as a farming village in the last half of the 19th century, when area farmers produced more wheat than any other county in the U.S. Industry took hold in the area soon after, with Red Wing Stoneware opening its factory in 1877 and Red Wing Shoes following suit in 1905. This gave way to the town's current status as charming residential area.
Red Wing, MN is a great place for affordable rent-to-own homes! With a median household income of over $57,056 and a median rent of $881, the Red Wing, 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 Red Wing, 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 Red Wing, MN
- Afton
- Beldenville
- Birchwood Village
- Center City
- Columbus
- Cottage Grove
- Deer Park
- Dellwood
- Dresser
- Forest Lake
- Gem Lake
- Grant
- Hammond
- Hastings
- Houlton
- Hudson
- Hugo
- Inver Grove Heights
- Lake Elmo
- Lakeland
- Lakeland Shores
- Lake St. Croix Beach
- Landfall
- Lindstrom
- Lino Lakes
- Little Canada
- Mahtomedi
- Maplewood
- Marine on St. Croix
- Newport
- North Hudson
- North St. Paul
- Oakdale
- Oak Park Heights
- Osceola
- Pine Springs
- Prescott
- Roberts
- Shafer
- Somerset
- South St. Paul
- Stillwater
- St. Marys Point
- St Paul
- Saint Paul
- St. Paul Park
- Taylors Falls
- Vadnais Heights
- Welch
- White Bear Lake
Neighborhoods in Red Wing, MN
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Red Wing, MN is seeing rapid growth and Red Wing, MN's' housing market remains optimal with an average home price that is -18% below the 2024 national average. Red Wing, MN is part of Goodhue 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 Goodhue is 1.04% which is above the national average, which is 0.99%.
Median Home Price in Red Wing, MN
Median Rent in Red Wing, MN
Top 4 Reasons to Live in Red Wing, MN
Historic beauty alongside modern amenities! Nestled among the bluffs of the Mississippi River Valley, Red Wing is one of the most picturesque towns in all of America. Listed among the top 25 historic towns in the world by National Geographic Magazine, Red Wing successfully combines old world charm with a modern, progressive city plan. Hotels, shops, and art galleries, like the Anderson Center and the Red Wing Pottery Museum, thrive in the downtown district, thanks in part to their close proximity to the Cannon Valley Trail, one of the most heavily used trails in the state.
Home values are rising! According to experts, median home values in Red Wing rose by nearly 40 percent, from $108,200 in 2000 to $152,875 in 2012. Part of the reason could be due to the strong local job market in Red Wing. The Red Wing Shoe and Fastenal Industrial Supply companies offer retail, manufacturing and logistics positions, while the Mayo Clinic's Red Wing facility and the Fairview Medical Center employ hundreds in the healthcare field. Hometown jobs make for short commute times, too - the majority of Red Wing residents report that their commute to work takes 15 minutes or less!
Affordable housing and a low cost of living! Whether you're looking to buy, rent or rent to own, Red Wing offers great value for your money. Even though home values have been rising, they are still quite affordable, even in the city center where great restaurants, like the Port at St. James Hotel and quaint little stores like the Uffda Shop are just a short stroll away. Red Wing boasts a very low cost of living, with a score of 82 compared against the national average of 100.
It's an outdoor lover's paradise! Situated right on the Mississippi River and just 15 minutes north of Lake Pepin, Red Wing offers all manner of activities for aquatic enthusiasts. For those who prefer to have their fun on dry land, the surrounding bluffs and valleys offer miles of hiking, biking and inline skating trails as well as the Discovery Garden in Colvill Park.