Auburn, AL

Rent vs buy in Auburn

Median home $224,600. A 1 bedrooms rents for $1,220 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,220; per month
Own the median home: $1,435; P&I, tax, insurance, upkeep
Owning costs extra: $215; per month, same metro

What a purchase actually costs

20% down payment$44,920
Mortgage at 6.5%$1,136
Property tax (0.50% of value)$94/mo · $1,123/yr
Insurance and upkeep (1.1%/yr)$206
Total monthly ownership$1,435

Months of leftover to save the down payment

At $1,719 left over a month, it takes about 27 months (2.3 years) to save $44,920 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.