Asheville, NC

Rent vs buy in Asheville

Median home $338,400. A 1 bedrooms rents for $1,301 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,301; per month
Own the median home: $2,182; P&I, tax, insurance, upkeep
Owning costs extra: $881; per month, same metro

What a purchase actually costs

20% down payment$67,680
Mortgage at 6.5%$1,711
Property tax (0.57% of value)$161/mo · $1,929/yr
Insurance and upkeep (1.1%/yr)$310
Total monthly ownership$2,182

Months of leftover to save the down payment

At $1,959 left over a month, it takes about 35 months (2.9 years) to save $67,680 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.