Davenport, IA

Rent vs buy in Davenport

Median home $170,000. A 1 bedrooms rents for $744 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $744; per month
Own the median home: $1,282; P&I, tax, insurance, upkeep
Owning costs extra: $538; per month, same metro

What a purchase actually costs

20% down payment$34,000
Mortgage at 6.5%$860
Property tax (1.88% of value)$266/mo · $3,196/yr
Insurance and upkeep (1.1%/yr)$156
Total monthly ownership$1,282

Months of leftover to save the down payment

At $3,059 left over a month, it takes about 12 months (1.0 years) to save $34,000 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.