Uprootmap

Dover, DE

Rent vs buy in Dover

Median home $290,600. A 1 bedrooms rents for $1,297 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms
$1,297
per month
Own the median home
$1,847
P&I, tax, insurance, upkeep
Owning costs extra
$550
per month, same metro

What a purchase actually costs

  • 20% down payment$58,120
  • Mortgage at 6.5%$1,469
  • Property tax (0.46% of value)$111/mo · $1,337/yr
  • Insurance and upkeep (1.1%/yr)$266
  • Total monthly ownership$1,847

Months of leftover to save the down payment

At $2,019 left over a month, it takes about 29 months (2.4 years) to save $58,120 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.