Rent to own Homes in Somerset, NJ
Somerset is home to more than 22,000, nestled within Franklin Township. Franklin Township earned a 2008 Money Magazine ranking as the fifth best place to live in the U.S. Somerset is one of about 17 unincorporated communities in the thriving bedroom township. Somerset is within driving distance of the major metropolitan cities of New York, Philadelphia and Trenton. Somerset is home to many businesses, as well as recreational activities and points of interest.
Somerset, NJ is a great place for affordable rent-to-own homes! With a median household income of over $93,643 and a median rent of $1,704, the Somerset, NJ 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 Somerset, NJ. 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 Somerset, NJ Property Resources
Rent to own Homes in Cities Near Somerset, NJ
- Allentown
- Avenel
- Bradley Gardens
- Clearbrook Park
- Clyde
- Colonia
- Connecticut Farms
- Cream Ridge
- Deans
- Dunellen
- East Rocky Hill
- Elizabeth
- Finderne
- Garwood
- Hightstown
- Jamesburg
- Kenilworth
- Kingston
- Linden
- Llewellyn Park
- Madison
- Madison Park
- Martinsville
- Matawan
- Metuchen
- Middlesex
- Millstone Township
- Milltown
- Monmouth Junction
- New Brunswick
- North Plainfield
- Old Bridge
- Pennington
- Plainsboro Center
- Princeton Junction
- Rahway
- Raritan
- Robbinsville Center
- Roselle
- Sewaren
- Six Mile Run
- Somerville
- South Plainfield
- South River
- Springfield
- The Hills
- Watchung
- White House Station
- Yardville
- Zarephath
Popular Zip Codes in Somerset, NJ
08875 rent to own homesBuying a Home in Somerset, NJ
Somerset, NJ is seeing rapid growth and Somerset, NJ's' housing market remains not optimal with an average home price that is 48% above the 2024 national average. Somerset, NJ is part of Somerset 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 Somerset is 1.81% which is above the national average, which is 0.99%.
Median Home Price in Somerset, NJ
Median Rent in Somerset, NJ
Top 5 Reasons to Live in Somerset, NJ
A wide selection of homes! A vast inventory of homes in Somerset awaits home buyers, including the rent to own market, from historic colonial-style to newer townhouses. Hamilton Street is a neighborhood in Somerset with cozy homes for sale near retail areas. Highland Avenue is a more tucked away community, with for sale by owner homes among the offerings.
Historical points of interest! Franklin Township was possibly named after Benjamin Franklin, and its Somerset section is teeming with history. The Blackwells Mills Canal House was built in 1835 and is a landmark along the Delaware and Raritan Canal. In its heyday, it housed canal bridge employees and today, is a living history museum. The Van Wickle House is another historical home and hosts year-round events.
Convenient locations! There are a number of locations in Somerset, which offer convenience to its residents, and are close to the area's shopping hubs. Easton Avenue is one of the area's desirable locations. With homes on and off of this main thoroughfare, also known as County Road 527, there are sub-developments with large fenced in yards, and split level ranches. The New Brunswick Road neighborhood is another prime destination with homes for rent, and houses for sale. These developments have sprawling properties and homes in idyllic neighborhoods with one to two car garages.
Diversified community and dining options! The cultural melting pot that has formed in Somerset makes it a comfortable community to reside in. That includes a variety of delicious dining options. The Stage House Tavern offers Continental cuisine. Hoysala is a favorite for Indian fare. There are also French, Chinese, Italian, Barbecue, Mediterranean, Jamaican, Thai, and Seafood restaurants to choose from.
Beautiful parks! Colonial Park is a favorite park with ponds, recreational activities, and appealing horticultural displays on its 685 acres. Green Knoll Tennis Center is another outdoor asset within Somerset.