Rent to own Homes in Summit, NJ
With its bustling downtown, vibrant restaurant scene and proximity to New York City, Summit has earned a reputation as one of the most desirable towns in New Jersey. A long-time favorite on New Jersey Monthly's annual Best Places to Live in New Jersey issue, this Union County township has a population of more than 21,000 but still retains its small-town charm.
Summit, NJ is a great place for affordable rent-to-own homes! With a median household income of over $142,845 and a median rent of $1,962, the Summit, 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 Summit, 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 Summit, NJ Property Resources
Rent to own Homes in Cities Near Summit, NJ
- Brookside
- Carteret
- Connecticut Farms
- East Brunswick
- East Franklin
- East Millstone
- Elizabeth
- Fords
- Franklin Center
- Franklin Park
- Green Knoll
- Harrison
- Hibernia
- Hillsborough
- Hopelawn
- Kearny
- Kenilworth
- Kenvil
- Lamington
- Linden
- Llewellyn Park
- Macopin
- Madison
- Manville
- Mendham
- Menlo Park Terrace
- Middlebush
- Millington
- Millstone
- Mount Arlington
- North Brunswick
- North Haledon
- Parlin
- Paterson
- Perth Amboy
- Plainfield
- Pluckemin
- Port Reading
- Preakness
- Rutgers University Busch Campus
- Rutgers University Livingston Campus
- Sayreville
- Secaucus
- Society Hill
- Somerset
- South Bound Brook
- Springfield
- Succasunna
- Weston
- Wyckoff
Neighborhoods in Summit, NJ
Summit rent to own homesBuying a Home in Summit, NJ
Summit, NJ is seeing rapid growth and Summit, NJ's' housing market remains not optimal with an average home price that is 282% above the 2024 national average. Summit, NJ is part of Union 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 Union is 1.87% which is above the national average, which is 0.99%.
Median Home Price in Summit, NJ
Median Rent in Summit, NJ
Top 4 Reasons to Live in Summit, NJ
Lively downtown! With more than 200 boutique shops and a plethora of restaurants and services, Summit has one of the best downtowns in the state of New Jersey. Head to neighborhood hot spot Roots Steakhouse for a delicious strip or filet, Fiorino for Italian or the Bombay Bistro for Indian. For shopping, check out high-end, designer women's clothing at Bella Ro or Willow Street, unique finds at the Summit Antiques Center and rare and popular music at Scotti's.
It's so easy to get around! Summit Station provides commuters with direct service to New York City's Penn Station in midtown Manhattan. Riders can arrive at the station from Summit in just 35 minutes on the express New Jersey Transit line and 50 minutes on the local line. Built in 1904, this historic station, located on Union Place and Broad Street, is one of the few NJ Transit stations with a platform below street level. Service to lower Manhattan is also available via Hoboken on the Gladstone line. Summit is also only 13 miles from Newark International Airport.
More affordable now than before! Although Summit is one of the more expensive towns for buyers looking for rent to own properties, the median sales price decreased 2.9 percent from August to November of 2014, making the dream of owning a home in this prestigious community even more realistic. The median house sale price in 2014 was $737,000, while the average asking price was $1.1 million. Look for homes around Morris Ave or near the Union City Openspace & Recreation Park.
Housing options for everyone! Whether you're seeking a single-family home, apartment, condominium or multi-family dwelling, Summit has it. Sprawling luxury estates abound in the Northside neighborhood while smaller, more intimate space is available the closer you get to Springfield Avenue in downtown. Architecture that dates as far back as the 18th century can be found in Summit, as well as newer, more modern construction.