Rent to own Homes in Roanoke, VA
Before making a buying decision about this or any other city, buyers need to consider the overall marketplace. Roanoke is much like other areas of the country in which the housing market collapsed significantly between 2007 and 2010. However, it has rebounded, and you can find affordable, high-quality homes for sale here. There are also numerous areas of residential housing priced appropriately for rental homes. The average listing price for a home here is $228,641 for the week ending August 14, 2013. Compared to the previous year, this was a 2.5 percent increase in overall listing price value. The average sale price for a one-bedroom home was $150,951, and for a two-bedroom home it was $136,146. For three bedrooms, the sale price stood at $173,743, and for four-bedroom homes it reached $256,639. In addition to this information, home buyers in the Roanoke area may be interested in knowing a bit more about the financial and housing aspects of the city before searching for rent to own houses. The median household income here is $36,834. The annual residential turnover is 19 percent, and the median years in residence is three years. Close to 50 percent of homes are owner occupied, and the apartment vacancy rate hovers around 5 to 7 percent. This information can help buyers decide whether the area is ideal for a rental purchase.
Roanoke, VA is a great place for affordable rent-to-own homes! With a median household income of over $45,664 and a median rent of $804, the Roanoke, 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 Roanoke, 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.
More Roanoke, VA Property Resources
Rent to own Homes in Cities Near Roanoke, VA
- Ballard
- Belspring
- Belview
- Bent Mountain
- Blacksburg
- Callaway
- Catawba
- Check
- Christiansburg
- Copper Hill
- Dublin
- Eggleston
- Elliston
- Fairlawn
- Floyd
- Gap Mills
- Glenvar
- Indian Valley
- Lafayette
- Lindside
- Merrimac
- Newport
- New River
- Paint Bank
- Parrott
- Pearisburg
- Pembroke
- Pilot
- Plum Creek
- Prices Fork
- Pulaski
- Radford
- Riner
- Ripplemead
- Salem
- Shawsville
- Snowville
- Staffordsville
- Waiteville
- Willis
Neighborhoods in Roanoke, VA
Wildwood rent to own homes Preston Park rent to own homes River Land rent to own homes Shenandoah West rent to own homes Edge Wood - Summit Hills rent to own homes Roundhill rent to own homes South Washington Heights rent to own homes Westview Terrace rent to own homes Ridge Wood Park rent to own homes South Jefferson rent to own homesMedian Home Price in Roanoke, VA
Median Rent in Roanoke, VA
School Systems The Roanoke City Public School system is the main provider of education here. The city has two main high schools: Patrick Henry High School and William Fleming High School. It has six public middle schools. The city is also home to several private schools, including North Cross, Roanoke Catholic, Community High School, and Vista Montessori. In terms of higher education, there are two colleges nearby, including Roanoke College and Hollins University. Other schools are easily accessible, including Virginia Tech and Virginia Western Community College.
Transportation and Commutes It's easy to get around this city and the region as a whole. Interstate 581 is the main highway through the city. Interstate 81 is the main thoroughfare in the northern portion. US Route 220 is also available and connects the city to Greensboro, North Carolina, and Martinsville. Other major routes through the city include US Route 221, State Route 117, State Route 101 and US Route 460. The Valley Metro is a public busing system serving the entire city. Additionally, RIDE Solutions is present here, which offers opportunities for biking assistance, carpooling matchups, and telework services for businesses and for citizens.
Neighborhoods When you're considering houses for sale in Roanoke, evaluate the individual neighborhoods. There are several areas that seem separate or have their own flare and style. Here are a few to consider: