Charleston, WV

Rent vs buy in Charleston

Median home $128,900. A 1 bedrooms rents for $1,052 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,052; per month
Own the median home: $843; P&I, tax, insurance, upkeep
Owning is cheaper: $209; per month, same metro

What a purchase actually costs

20% down payment$25,780
Mortgage at 6.5%$652
Property tax (0.68% of value)$73/mo · $877/yr
Insurance and upkeep (1.1%/yr)$118
Total monthly ownership$843

Months of leftover to save the down payment

At $2,236 left over a month, it takes about 12 months (1.0 years) to save $25,780 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.