Albany, OR

Rent vs buy in Albany

Median home $344,600. A 1 bedrooms rents for $1,294 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,294; per month
Own the median home: $2,320; P&I, tax, insurance, upkeep
Owning costs extra: $1,026; per month, same metro

What a purchase actually costs

20% down payment$68,920
Mortgage at 6.5%$1,742
Property tax (0.91% of value)$261/mo · $3,136/yr
Insurance and upkeep (1.1%/yr)$316
Total monthly ownership$2,320

Months of leftover to save the down payment

At $1,681 left over a month, it takes about 41 months (3.4 years) to save $68,920 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.