Rent to own Homes in Schenectady, NY
Schenectady, NY, also known as Electric City, is the home of General Electric, though the corporation giant moved its manufacturing elsewhere years ago. The city is also just a little under 20 miles outside of Albany, NY. Residents often enjoy entertainment in Albany and return home to older, quieter residential areas and lower rents in Schenectady. There are a number of parks and colleges here, making it a popular place for young people and families.
Schenectady, NY is a great place for affordable rent-to-own homes! With a median household income of over $47,773 and a median rent of $919, the Schenectady, NY 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 Schenectady, NY. 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 Schenectady, NY Property Resources
Rent to own Homes in Cities Near Schenectady, NY
- Albany
- Alcove
- Athens
- Austerlitz
- Averill Park
- Berlin
- Castleton-on-Hudson
- Chatham
- Clarksville
- Claverack
- Claverack-Red Mills
- Clifton Knolls Mill Creek
- Coeymans Hollow
- Colonie
- Coxsackie
- Craryville
- Cropseyville
- Earlton
- East Chatham
- East Greenbush
- East Nassau
- Feura Bush
- Glenmont
- Guilderland
- Hampton Manor
- Johnsonville
- Lanesborough
- Latham
- Lorenz Park
- Malden Bridge
- Melrose
- Menands
- Nassau
- New Baltimore
- Niverville
- Philmont
- Pittsfield
- Richmond
- Rotterdam
- Schenectady
- Stephentown
- Troy
- Valley Falls
- Waterford
- Watervliet
- Westerlo
- Westmere
- West Sand Lake
- West Stockbridge
- Wynantskill
Neighborhoods in Schenectady, NY
Central State rent to own homes Downtown Schenectady rent to own homes Hamilton Hill rent to own homes Mt. Pleasant rent to own homes Seward Place rent to own homes Vale & Eastern Ave rent to own homes Bellevue rent to own homes Stockade rent to own homes Central State Street rent to own homes Woodlawn rent to own homesPopular Zip Codes in Schenectady, NY
12301 rent to own homes 12307 rent to own homes 12305 rent to own homes 12304 rent to own homes 12308 rent to own homesBuying a Home in Schenectady, NY
Schenectady, NY is seeing rapid growth and Schenectady, NY's' housing market remains optimal with an average home price that is -48% below the 2024 national average. Schenectady, NY is part of Schenectady 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 Schenectady is 2.41% which is above the national average, which is 0.99%.
Median Home Price in Schenectady, NY
Median Rent in Schenectady, NY
Top Reasons to Live in Schenectady NY
Housing Statistics The housing market here fairs well in comparison to the rest of the state. Median rent rate is $772, while median house price is $110,300. Only 7 new homes were built in 2012, and another 7 in 2011. Due to a large college population, the area has one of the highest rental rates in the state at 55 percent of the population, or roughly 14,578 people. Renters typically stay in the same location for at least 4 years.
Nightlife Schenectady has a great spread of affordable restaurants, pubs and entertainment establishments catering to an older crowd. The presence of Union College and proximity to Albany's many educational institutions means that it has plenty of happening nightspots as well. Manhattan Exchange Restaurant, Pinhead Susan's and BL's Tavern are local favorites for relaxing at the end of a long day in a laid-back, friendly atmosphere. For live music, dancing and plenty of young people to run into, you'll want to head to Union Inn, TenTen Lounge, Clinton's Ditch or Rupis Tavern.
Outdoor Activities The Schenectady area is home to both the Mohawk River and Mohawk Towpath Scenic Byway. They provide a wealth of opportunities for biking, hiking, boating, fishing and other outdoor fare. For the less adventurous, Union College is home to Jackson's Garden, which has 8 acres of garden spaces, ranging from wildflowers to sculptured topiaries. Historic tours of the Stockade neighborhood are popular throughout the year, while golf and wintertime sports alternate in popularity depending on the season.
Neighborhoods Downtown has many cool shops, restaurants and entertainment venues but the area is slightly rundown, and may not be a safe place to be on your own at night. It's not ideal for finding a rental house or apartment, and while shopkeepers have tried to improve the area especially in the last few years, efforts have not materialized into anything substantial.