Baltimore, MD

Rent vs buy in Baltimore

Median home $373,300. A 1 bedrooms rents for $1,511 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,511; per month
Own the median home: $2,578; P&I, tax, insurance, upkeep
Owning costs extra: $1,067; per month, same metro

What a purchase actually costs

20% down payment$74,660
Mortgage at 6.5%$1,888
Property tax (1.12% of value)$348/mo · $4,181/yr
Insurance and upkeep (1.1%/yr)$342
Total monthly ownership$2,578

Census ACS 2023: 48.6% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,412 left over a month, it takes about 31 months (2.6 years) to save $74,660 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.