Cleveland, TN

Rent vs buy in Cleveland

Median home $218,500. A 1 bedrooms rents for $1,114 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,114; per month
Own the median home: $1,398; P&I, tax, insurance, upkeep
Owning costs extra: $284; per month, same metro

What a purchase actually costs

20% down payment$43,700
Mortgage at 6.5%$1,105
Property tax (0.51% of value)$93/mo · $1,114/yr
Insurance and upkeep (1.1%/yr)$200
Total monthly ownership$1,398

Months of leftover to save the down payment

At $2,402 left over a month, it takes about 19 months (1.6 years) to save $43,700 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.