Austin, TX

Rent vs buy in Austin

Median home $434,800. A 1 bedrooms rents for $1,226 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,226; per month
Own the median home: $3,188; P&I, tax, insurance, upkeep
Owning costs extra: $1,962; per month, same metro

What a purchase actually costs

20% down payment$86,960
Mortgage at 6.5%$2,199
Property tax (1.63% of value)$591/mo · $7,087/yr
Insurance and upkeep (1.1%/yr)$399
Total monthly ownership$3,188

Census ACS 2023: 46.7% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $3,176 left over a month, it takes about 28 months (2.3 years) to save $86,960 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.