Cape Girardeau, MO

Rent vs buy in Cape Girardeau

Median home $195,200. A 1 bedrooms rents for $699 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $699; per month
Own the median home: $1,277; P&I, tax, insurance, upkeep
Owning costs extra: $578; per month, same metro

What a purchase actually costs

20% down payment$39,040
Mortgage at 6.5%$987
Property tax (0.68% of value)$111/mo · $1,327/yr
Insurance and upkeep (1.1%/yr)$179
Total monthly ownership$1,277

Months of leftover to save the down payment

At $2,512 left over a month, it takes about 16 months (1.3 years) to save $39,040 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.