Rent to own Homes in Savage, MN
Originally known as the town of Hamilton, Savage received its second name in response to the success of Dan Patch, otherwise known as Marion Willis Savage's remarkable racing horse. Since then the town has become one of the most significant suburbs to the southwest of Minneapolis. It is known for its distinctive natural beauty, with residents from all around Minnesota visiting Savage's many parks and wildlife areas.
Savage, MN is a great place for affordable rent-to-own homes! With a median household income of over $116,895 and a median rent of $1,370, the Savage, 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 Savage, 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 Savage, MN Property Resources
Rent to own Homes in Cities Near Savage, 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 Savage, MN
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55378 rent to own homesBuying a Home in Savage, MN
Savage, MN is seeing rapid growth and Savage, MN's' housing market remains not optimal with an average home price that is 50% above the 2024 national average. Savage, 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 Savage, MN
Median Rent in Savage, MN
Top 5 Reasons to Live in Savage, MN
Stop by the Savage Depot! One of Savage's most significant historical landmarks, the Savage Depot, was built over two centuries ago. Briefly a part of Murphy's Landing in nearby Shakopee, the Depot now rests near its original site, on a lovely piece of property by the Minnesota River. The historic site is currently home to a restaurant currently known as Flavor at the Depot. The dining establishment is a great place to enjoy muffins and coffee while reflecting on the city's unique history.
High homeownership rate! Although there are multiple apartment complexes in Savage -- including the Village Commons Apartments and the Hidden Valley Estates -- most residents prefer to live in houses. The homeownership rate in Scott County is 85.4 percent, which is well over the Minnesota average of 73 percent. Many of those interested in homeownership have chosen to take advantage of local rent to own opportunities.
Summer celebrations at Dan Patch Days! Held every year in late June at Savage's Community Park, the Dan Patch Days allow residents to build closer relationships at a variety of community events. These include 5K races, pie eating contests, pancake breakfasts and fireworks displays. Residents from all over Minneapolis and St. Paul are welcome to show up at this annual event, but it holds the most significance for those who reside in the Savage neighborhood.
Natural beauty! Savage is surprisingly undeveloped compared to other Twin Cities suburbs in the area, with huge swaths of open land in between the areas many apartments and homes for sale. Included in the city's borders are large segments of the Murphy-Hanrehan Park Reserve and the Minnesota Valley National Wildlife Refuge.
Rising home prices! Now is the best time to get in on the excellent real estate market in Savage. For the past few years, the average house price per square foot in Savage homes has steadily increased, with an average improvement of 4.2 percent during the past several months. Home prices are particularly impressive near Hanrehan Lake Boulevard and near the beautiful Minnesota River.