Charlotte, NC

Rent vs buy in Charlotte

Median home $319,400. A 1 bedrooms rents for $1,329 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,329; per month
Own the median home: $2,118; P&I, tax, insurance, upkeep
Owning costs extra: $789; per month, same metro

What a purchase actually costs

20% down payment$63,880
Mortgage at 6.5%$1,615
Property tax (0.79% of value)$210/mo · $2,523/yr
Insurance and upkeep (1.1%/yr)$293
Total monthly ownership$2,118

Census ACS 2023: 45% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,571 left over a month, it takes about 25 months (2.1 years) to save $63,880 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.