Boston, MA

Rent vs buy in Boston

Median home $610,900. A 1 bedrooms rents for $2,619 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $2,619; per month
Own the median home: $4,178; P&I, tax, insurance, upkeep
Owning costs extra: $1,559; per month, same metro

What a purchase actually costs

20% down payment$122,180
Mortgage at 6.5%$3,089
Property tax (1.04% of value)$529/mo · $6,353/yr
Insurance and upkeep (1.1%/yr)$560
Total monthly ownership$4,178

Census ACS 2023: 47.9% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $1,897 left over a month, it takes about 65 months (5.4 years) to save $122,180 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.