Overview

Huntsville is a thriving place beautifully located in the heart of North Alabama. It doubles as a tranquil town with plentiful parks and a bustling metropolis that offers many jobs in a high-tech manufacturing sector. That makes this city popular with both young professionals and seniors.

Huntsville is the 2nd most populous region in Alabama. Over 180,000 people live in the city itself while the metropolitan area is home to nearly 450,000 residents. More and more people come here to work and raise a family. 

What makes Huntsville so popular? 

• Work and industry: Besides the high-tech manufacturing industry, Huntsville is known for the United States Army Aviation & Missile Command (AMCOM) and NASA’s Marshall Space Flight Center. It also boasts Cummings Research Park, the 4th-largest research complex in the world. 
• History and culture: Huntsville is one of the most distinctive destinations in North America thanks to its engaging culture and history. Both locals and tourists are eager to explore the Botanical Garden, Huntsville Museum of Art, Historic Huntsville Depot, and other cultural and historical sites.

Another thing that popularizes Huntsville, particularly among house hunters, is the strong housing market. There is a wide range of housing options in this area, including rent-to-own homes. Read on to learn more.

1684 Listing Found in Huntsville, AL

Purchasing Homes in Huntsville, AL

Are you interested in buying a house in Huntsville, Alabama? Familiarize yourself with the local housing market trends first. Here are some important facts to consider before starting to search for a dream house.

Huntsville has experienced a growth in home sales of 8.5% in recent times, which indicates the strength of the local housing market. Approximately 500 homes hit the market every month. That means more options to choose from. 

Nonetheless, there are 5.9% fewer houses for sale compared to the past year. It is estimated that there are around 3,000 homes on the market right now. So this small decrease in the number of homes is no big deal for house hunters either.

What’s more, the housing market features growth of 2.2% when it comes to new homes. It gives a lot of new-house options to homebuyers in addition to the existing ones. The average year of construction for homes is 1987.

Single-detached homes make up the majority of buildings in Huntsville. The 3- and 4-homes are the most popular housing types. About 40% of dwellings are rented, whereas homeowners occupy the remainder in this city. The median rent price is roughly $1,000.

At about $170,000, homes are still affordable in Huntsville. Huntsville’s housing market features a steady growth in median prices though. In the past year, home values rose 16.5 percent.

According to predictions, home prices are likely to rise by 11.9% over the coming year. The median price of houses currently listed is $261,750.  

Popular Neighborhoods

You will need to choose a neighborhood that suits your needs before settling down in a home.

The most popular areas in Huntsville are east and south neighborhoods. There are 3 major historic districts in these neighborhoods, such as:

• Twickenham – There’s a comprehensive array of antebellum houses in this historic district.
• Old Town – Residents admire Art Deco, Victorian, and Greek Revival houses while walking down the safe streets with pecan trees. 
• Five Points – This district consists of new home communities that boast a variety of amenities.

Another attractive neighborhood is Monte Sano Mountain. It’s a unique mixture of luxury and modest houses. New homes offer peace of mind and security besides energy efficiency. The locals benefit from living just 5 minutes from downtown.

Hampton Ridge homes also attract the attention of house hunters. This community is perfect for both executives and families because of the top-notch amenities. The Ledges offers an exclusive golf community to those who prefer an affluent lifestyle.

Rent to Own vs. Buying

Purchasing a house can be a frightening rush of negotiations and paperwork. If you want to reduce some stress, look for rent to own deals. Your financial requirements will be more relaxed with rent to own (RTO) homes. Plus, the down payment on the home will be delayed till the completion of your lease period.

Rent-to-own agreements usually last from 1 to 3 years. This is a sufficient amount of time for most homebuyers to improve their credit score and qualify for mortgages. On top of this, you will be able to move in immediately before the end of the escrow process.

Renting to Own a Home in Huntsville

Rent-to-own homes allow buyers to try out neighborhoods and homes in Huntsville without the purchase commitment. It is an easy process with the homeowners where they start as renters and become homeowners eventually. They have an option to buy the house when they become financially ready to qualify for a home loan.

The lease-to-own arrangements are helpful for people lacking the down-payments or having bad credit scores. It gives them a chance to build their credits and save money while living in their dream home. Needless to say, they are supposed to pay rent all the time. 

Living Expenses in Huntsville

Huntsville has a pretty affordable cost of living, which adds to the appeal of this beautiful city. In general, residents spend 3% less on living expenses than the national average. 

Healthcare, for example, is 6% is more affordable than in other American cities. Transportation and utilities are 2% below the national average. Housing and groceries are around 7% below average. 

Living expenses in most neighborhoods are cheaper than costs in other cities in Alabama. For instance, the costs of groceries and housing in Mobile and Birmingham are 10-20% higher than in Huntsville.

Conclusion

There are a lot of reasons for moving to Huntsville (Rocket City) in Alabama. The affordable cost of living as well as the military-based economy and thriving technology make this place very appealing. 

Being an illustrious hub of innovation and progress, Huntsville has a promising future. It is a prominent technological and cultural center not only in North Alabama but in the whole nation.

Many neighborhoods offer world-class amenities, small-town charm, beautiful landscapes, proximity to the city center, and a diversity of architectural styles. There are a wide variety of housing options from brand-new apartments to historic dwellings and rent-to-own homes.

Would you like to become a homeowner through renting to own? If so, we recommend that you work with local rental agents and check the rent-to-own listing before entering into an agreement. Take a look at our listings!