Charlottesville, VA

Rent vs buy in Charlottesville

Median home $397,600. A 1 bedrooms rents for $1,545 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,545; per month
Own the median home: $2,614; P&I, tax, insurance, upkeep
Owning costs extra: $1,069; per month, same metro

What a purchase actually costs

20% down payment$79,520
Mortgage at 6.5%$2,010
Property tax (0.72% of value)$239/mo · $2,863/yr
Insurance and upkeep (1.1%/yr)$364
Total monthly ownership$2,614

Months of leftover to save the down payment

At $2,330 left over a month, it takes about 35 months (2.9 years) to save $79,520 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.