Rent to own Homes in El Paso, TX
Located on the very edge between the United States and Mexico, El Paso is a unique city with a diverse makeup of cultures, people and attractions. The downtown area houses a rich assortment of architectural and historical places, such as the Cathedral of Saint Patrick and the Sunset District, but every corner of the city has something of interest. Home to the University of Texas at El Paso, the city prides itself on its excellent higher education system, as well as its safety record. El Paso has been named the safest large city in America for three straight years, including 2013. The military also has a large presence in El Paso, with the Biggs Army Airfield and Fort Bliss located within the borders. The climate in the city is notable too, with a dry, desert atmosphere that makes for hot, dusty summer and mild winters, with very little humidity. Overall, El Paso is an up-and-coming city favored by young singles beginning fruitful careers, and it has a great selection of rentable, buyable, and rent to own houses.
El Paso, TX is a great place for affordable rent-to-own homes! With a median household income of over $48,866 and a median rent of $857, the El Paso, TX 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 El Paso, TX. 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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More El Paso, TX Property Resources
Rent to own Homes in Cities Near El Paso, TX
Neighborhoods in El Paso, TX
Loma Terrace rent to own homes Veteran's Park rent to own homes Palomino rent to own homes North Hills West rent to own homes Austin Terrace rent to own homes Buena Vista rent to own homes Las Palmas rent to own homes Valley Creek South rent to own homes Timberwolf rent to own homes East Bank rent to own homesBuying a Home in El Paso, TX
El Paso, TX is seeing rapid growth and El Paso, TX's' housing market remains optimal with an average home price that is -39% below the 2023 national average. El Paso, TX is part of El Paso 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 2023 for county El Paso is 2.09% which is above the national average, which is 0.99%.
Median Home Price in El Paso, TX
Median Rent in El Paso, TX
Average Cost of Living in El Paso, TX
For a family of four, the average monthly cost of living, excluding rent, is $2,652.06 and $775.50 for a single person.
Average Cost of a Home in El Paso, TX
The median home cost in El Paso, TX, is $159,732, below the national average.
El Paso Statistics
If you're interested in El Paso rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common El Paso statistics compared to the U.S. national average.
| El Paso Averages | National Averages | |
|---|---|---|
| One-Way Commute | 22.7 minutes | 27.1 minutes |
| Violent Crime | 3.60 | 22.7 |
| Property Crime | 15.70 | 35.4 |
| Unemployment Rate | 7.7% | 4.7% |
| Income Tax Rate | No income tax | 4.6% |
| Air Quality | AQI 40 | AQI 40 |
| Water Quality | High Chromium | Safe |
| Median Household Income | $42,037 | $79,900 |
| Median Property Taxes | $2,670 | $2,471 |
| Utilities | $191.36 | $171.67 |
| Monthly Rent | $886 | $1,098 |
| Median Home Cost | $159,731 | $295,300 |
| Median Home Age | 37 years | 37 years |
Housing Statistics
El Paso is just beginning to see increases in the housing market, starting with home values which have seen a 1.9 percent increase over last year. The options there are expanding -- and there's a good chance homeseekers will find rental apartments and houses, or homes for purchase. El Paso certainly wasn't immune to the recession, but its large number of homeowners and limited vacancy rates means demand is higher than available properties, ensuring continued growth and rising values. The ownership rate is 57.8 percent, with renters making up 39.5 percent, leaving approximately 2.5 percent of properties unoccupied. The apartment vacancy rate was a little better, averaging 3.2 percent across all neighborhoods within El Paso, but that's still far lower than the nation's average. The sales prices of homes are also steadily inclining, with a median price of $128,453 over the last 12 months, which is an increase of 5 percent over the previous 12 months. Additionally, the average home price was $161,500, an improvement over previous numbers, and yet still very affordable for most Americans. El Paso enjoys a lower than average cost of living, including low housing costs that entice buyers from around the country.
Local Shopping
El Paso is a huge city with over 672,000 people residing in it, which means a lot of people need access to a variety of shopping options, both for essentials and for luxury items. One of the most popular places to visit for retail therapy is Cielo Vista Mall, which is found off the I-10 past Fort Bliss. It caters to families, individuals and military personnel who need some time to scoop up the latest fashions and enjoy some down time. Budget shoppers hoping to score a great deal on factory stock particularly adore the Outlet Shoppes on Desert Road. Further inland is the NorthPark Shopping Center, and there are other malls on the western edge of the city.
Local Events and Festivals
El Paso prides itself on its community events and unique festivals that run throughout the year. Just a few of the regular festivals include Fiesta de las Flores, which is held over Labor Day Weekend and emphasizes Hispanic heritage. KLAQ Balloon Fest is a three-day celebration of hot air ballooning, where the sky fills with balloons. Finally, Music under the Stars is a summer-long concert series of live music that sees up to 60,000 attendees. There are several more annual festivals along with regularly changing events that appeal to residents and visitors from all over the state.
Neighborhoods
El Paso is home to several neighborhoods that are known for their historic nature, recreational amenities and beautiful homes. Each one has something unique to offer. If you're looking for a rental or a house to buy in El Paso, check out more about the neighborhoods below.
El Paso, TX Frequently Asked Questions
El Paso is a very affordable place to live. Overall, many of its residents live in poverty, but it has a relatively low crime rate.
El Paso's violent and property crime rates are well below the national average, making it a reasonably safe city.
No, El Paso is located in the Mountain time zone.