Corvallis, OR

Rent vs buy in Corvallis

Median home $481,700. A 1 bedrooms rents for $1,368 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,368; per month
Own the median home: $3,271; P&I, tax, insurance, upkeep
Owning costs extra: $1,903; per month, same metro

What a purchase actually costs

20% down payment$96,340
Mortgage at 6.5%$2,436
Property tax (0.98% of value)$393/mo · $4,721/yr
Insurance and upkeep (1.1%/yr)$442
Total monthly ownership$3,271

Months of leftover to save the down payment

At $1,194 left over a month, it takes about 81 months (6.8 years) to save $96,340 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.