Cedar Rapids, IA

Rent vs buy in Cedar Rapids

Median home $202,100. A 1 bedrooms rents for $926 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $926; per month
Own the median home: $1,475; P&I, tax, insurance, upkeep
Owning costs extra: $549; per month, same metro

What a purchase actually costs

20% down payment$40,420
Mortgage at 6.5%$1,022
Property tax (1.59% of value)$268/mo · $3,213/yr
Insurance and upkeep (1.1%/yr)$185
Total monthly ownership$1,475

Months of leftover to save the down payment

At $3,132 left over a month, it takes about 13 months (1.1 years) to save $40,420 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.