Daphne, AL

Rent vs buy in Daphne

Median home $287,000. A 1 bedrooms rents for $1,245 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,245; per month
Own the median home: $1,788; P&I, tax, insurance, upkeep
Owning costs extra: $543; per month, same metro

What a purchase actually costs

20% down payment$57,400
Mortgage at 6.5%$1,451
Property tax (0.31% of value)$74/mo · $890/yr
Insurance and upkeep (1.1%/yr)$263
Total monthly ownership$1,788

Months of leftover to save the down payment

At $2,153 left over a month, it takes about 27 months (2.3 years) to save $57,400 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.