Cheyenne, WY

Rent vs buy in Cheyenne

Median home $324,900. A 1 bedrooms rents for $1,024 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,024; per month
Own the median home: $2,098; P&I, tax, insurance, upkeep
Owning costs extra: $1,074; per month, same metro

What a purchase actually costs

20% down payment$64,980
Mortgage at 6.5%$1,643
Property tax (0.58% of value)$157/mo · $1,884/yr
Insurance and upkeep (1.1%/yr)$298
Total monthly ownership$2,098

Months of leftover to save the down payment

At $3,054 left over a month, it takes about 22 months (1.8 years) to save $64,980 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.