Columbia, MO

Rent vs buy in Columbia

Median home $242,500. A 1 bedrooms rents for $1,003 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,003; per month
Own the median home: $1,622; P&I, tax, insurance, upkeep
Owning costs extra: $619; per month, same metro

What a purchase actually costs

20% down payment$48,500
Mortgage at 6.5%$1,226
Property tax (0.86% of value)$174/mo · $2,086/yr
Insurance and upkeep (1.1%/yr)$222
Total monthly ownership$1,622

Months of leftover to save the down payment

At $2,508 left over a month, it takes about 20 months (1.7 years) to save $48,500 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.