Abilene, TX

Rent vs buy in Abilene

Median home $172,800. A 1 bedrooms rents for $1,375 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,375; per month
Own the median home: $1,228; P&I, tax, insurance, upkeep
Owning is cheaper: $147; per month, same metro

What a purchase actually costs

20% down payment$34,560
Mortgage at 6.5%$874
Property tax (1.36% of value)$196/mo · $2,350/yr
Insurance and upkeep (1.1%/yr)$158
Total monthly ownership$1,228

Months of leftover to save the down payment

At $2,060 left over a month, it takes about 17 months (1.4 years) to save $34,560 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.