Burlington, VT

Rent vs buy in Burlington

Median home $370,400. A 1 bedrooms rents for $1,685 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,685; per month
Own the median home: $2,700; P&I, tax, insurance, upkeep
Owning costs extra: $1,015; per month, same metro

What a purchase actually costs

20% down payment$74,080
Mortgage at 6.5%$1,873
Property tax (1.58% of value)$488/mo · $5,852/yr
Insurance and upkeep (1.1%/yr)$340
Total monthly ownership$2,700

Months of leftover to save the down payment

At $2,228 left over a month, it takes about 34 months (2.8 years) to save $74,080 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.