Beckley, WV

Rent vs buy in Beckley

Median home $123,400. A 1 bedrooms rents for $853 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $853; per month
Own the median home: $797; P&I, tax, insurance, upkeep
Owning is cheaper: $56; per month, same metro

What a purchase actually costs

20% down payment$24,680
Mortgage at 6.5%$624
Property tax (0.58% of value)$60/mo · $716/yr
Insurance and upkeep (1.1%/yr)$113
Total monthly ownership$797

Months of leftover to save the down payment

At $2,188 left over a month, it takes about 12 months (1.0 years) to save $24,680 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.