Bay City, MI

Rent vs buy in Bay City

Median home $135,100. A 1 bedrooms rents for $829 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $829; per month
Own the median home: $990; P&I, tax, insurance, upkeep
Owning costs extra: $161; per month, same metro

What a purchase actually costs

20% down payment$27,020
Mortgage at 6.5%$683
Property tax (1.63% of value)$184/mo · $2,202/yr
Insurance and upkeep (1.1%/yr)$124
Total monthly ownership$990

Months of leftover to save the down payment

At $2,395 left over a month, it takes about 12 months (1.0 years) to save $27,020 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.