Rent to own Homes in Portsmouth, VA
When choosing rent to own homes to buy or invest in, the city of Portsmouth, Virginia, may be an ideal choice for the location. Located in the Hampton Roads Metro area, the city is home to more than 97,450 people. It is known for the Norfolk Naval Shipyard, a historic and still important US Navy location. The Elizabeth River flows through this area and provides access to ample opportunities for everything from fishing to sailing. With its vibrant arts scene and fun nightlife, Portsmouth truly has something for everyone.
Portsmouth, VA is a great place for affordable rent-to-own homes! With a median household income of over $53,213 and a median rent of $1,083, the Portsmouth, VA 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 Portsmouth, VA. 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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Rent to own Homes in Cities Near Portsmouth, VA
Neighborhoods in Portsmouth, VA
Sweetbriar rent to own homes Park View rent to own homes Olde Towne rent to own homes Sterling Point rent to own homes Shea Terrace rent to own homes Churchland West rent to own homes Peachtree rent to own homes West Park View rent to own homes Brighton rent to own homes Crawford Square rent to own homesMedian Home Price in Portsmouth, VA
Median Rent in Portsmouth, VA
Top Reasons to Live in Portsmouth VA
Housing Statistics The median sale price of a home in Portsmouth for the second quarter of 2013 was $120,110. This is a significant drop in home values since the previous year. About 699 homes sold in the last year, with about 300 of those homes selling in the previous six months. The average price per square foot for the city is $96. The average listing price here stands at $158,280, which is about the same as it was at the same time in 2012.
Transportation and Commutes Commuting to and from work is very important for many people living in Portsmouth. However, the city has a comprehensive road system that is highly efficient. It is important to note that, even since the 1800s, the city has been very water-oriented, with various points providing access to the city. Some of the main thoroughfares running through the city include US Route 58, which is an east to west road, and Interstate 64, which connects Portsmouth to Norfolk. This type of commute generally takes about 30 to 50 minutes.
Nightlife Having things to do in the city where you buy property is essential. The good news is there are plenty of options available in terms of nightlife in Portsmouth. Bars, restaurants, and even some bistros offer fun evenings packed with all types of activities. The Barrel, Vanity Night Club and Bistro, and Red Shirt Riot are the most common destinations in the city. Baron's Pub and Restaurant, along with Majestical City and Bugatti's are also popular options. For individuals who want to catch the game while enjoying a few drinks, Baxter's Sports Lounge is a popular destination.
Neighborhoods Numerous neighborhoods exist throughout the city of Portsmouth. Choosing a home in this region means knowing where to look. Consider visiting one of these top residential areas.