Rent to own Homes in Salem, VA
If you love college sports, Salem, VA is the place for you! During the 2010 census, there were 24,747 people in Salem, but the city's proximity to Roanoke makes it part of a much larger metropolitan area. Salem is home to two colleges and hosts the NCAA Division III football and men's basketball championships. Residents and visitors alike can attend a Salem Red Sox or check out the Salem High School football team, a group that has won six state championships since 1996.
Salem, VA is a great place for affordable rent-to-own homes! With a median household income of over $63,411 and a median rent of $926, the Salem, 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 Salem, 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 Salem, VA Property Resources
Rent to own Homes in Cities Near Salem, 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 Salem, VA
Downtown Salem rent to own homes Sunset Village rent to own homes Beverly Hieghts rent to own homes Salem rent to own homesPopular Zip Codes in Salem, VA
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Median Rent in Salem, VA
Top 3 Reasons to Live in Salem, VA
Rising home values! Salem has plenty of affordable housing options, and the median price of homes, as of 2014, was $209,000. In 2014, foreclosures in the area were only 0.4 homes per 10,000, much lower than the national average of 4.0. The median price for rental accommodation is $760, which is also lower than the Roanoke Metro area median of $815. Since the city has fewer delinquent mortgages, 3.4 percent compared to the national average of 6.9 percent, demand in the housing market is expected to outpace supply.
Historical attractions and cultural events! Salem, Virginia, has a national historic district that includes 34 buildings. The downtown neighborhood has a library, the city's farmer's market, and a park that are all on the National Register of Historic Places. The Stevens House, or the Old Post House, dates to the early 1820s. Vendors at the Salem Farmers Market offer a wide variety of farm-fresh produce from April through December. The Chef's Circle at the Farmers Market lets visitors have a taste of local favorites. Olde Salem Days is an annual festival that is held on the second Saturday of September. The event is organized by the Rotary Club and has food vendors, a classic car show, and arts and crafts.
Low property taxes! Residents of Salem have access to some of the lowest property taxes in the area. As of 2014, the rate is $1.18 per $100 assessed value. The state has some of the highest home ownership rates in the country, including rent to own contracts. Between 2008 and 2012, 67.8 percent of residents owned their own property, a little higher than the national average of 65.5 percent.