Albany, GA

Rent vs buy in Albany

Median home $148,800. A 1 bedrooms rents for $725 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $725; per month
Own the median home: $1,039; P&I, tax, insurance, upkeep
Owning costs extra: $314; per month, same metro

What a purchase actually costs

20% down payment$29,760
Mortgage at 6.5%$752
Property tax (1.21% of value)$150/mo · $1,800/yr
Insurance and upkeep (1.1%/yr)$136
Total monthly ownership$1,039

Months of leftover to save the down payment

At $2,356 left over a month, it takes about 13 months (1.1 years) to save $29,760 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.