Cape Coral, FL

Rent vs buy in Cape Coral

Median home $326,300. A 1 bedrooms rents for $1,415 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,415; per month
Own the median home: $2,175; P&I, tax, insurance, upkeep
Owning costs extra: $760; per month, same metro

What a purchase actually costs

20% down payment$65,260
Mortgage at 6.5%$1,650
Property tax (0.83% of value)$226/mo · $2,708/yr
Insurance and upkeep (1.1%/yr)$299
Total monthly ownership$2,175

Months of leftover to save the down payment

At $2,262 left over a month, it takes about 29 months (2.4 years) to save $65,260 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.