Bloomington, IN

Rent vs buy in Bloomington

Median home $242,800. A 1 bedrooms rents for $1,050 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,050; per month
Own the median home: $1,588; P&I, tax, insurance, upkeep
Owning costs extra: $538; per month, same metro

What a purchase actually costs

20% down payment$48,560
Mortgage at 6.5%$1,228
Property tax (0.68% of value)$138/mo · $1,651/yr
Insurance and upkeep (1.1%/yr)$223
Total monthly ownership$1,588

Months of leftover to save the down payment

At $1,912 left over a month, it takes about 26 months (2.2 years) to save $48,560 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.