Cleveland, OH

Rent vs buy in Cleveland

Median home $201,000. A 1 bedrooms rents for $1,100 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,100; per month
Own the median home: $1,494; P&I, tax, insurance, upkeep
Owning costs extra: $394; per month, same metro

What a purchase actually costs

20% down payment$40,200
Mortgage at 6.5%$1,016
Property tax (1.75% of value)$293/mo · $3,518/yr
Insurance and upkeep (1.1%/yr)$184
Total monthly ownership$1,494

Census ACS 2023: 43.7% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,658 left over a month, it takes about 16 months (1.3 years) to save $40,200 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.