Blacksburg, VA

Rent vs buy in Blacksburg

Median home $228,400. A 1 bedrooms rents for $1,048 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,048; per month
Own the median home: $1,488; P&I, tax, insurance, upkeep
Owning costs extra: $440; per month, same metro

What a purchase actually costs

20% down payment$45,680
Mortgage at 6.5%$1,155
Property tax (0.65% of value)$124/mo · $1,485/yr
Insurance and upkeep (1.1%/yr)$209
Total monthly ownership$1,488

Months of leftover to save the down payment

At $1,896 left over a month, it takes about 25 months (2.1 years) to save $45,680 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.