Duluth, MN

Rent vs buy in Duluth

Median home $208,900. A 1 bedrooms rents for $1,053 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,053; per month
Own the median home: $1,441; P&I, tax, insurance, upkeep
Owning costs extra: $388; per month, same metro

What a purchase actually costs

20% down payment$41,780
Mortgage at 6.5%$1,056
Property tax (1.11% of value)$193/mo · $2,319/yr
Insurance and upkeep (1.1%/yr)$191
Total monthly ownership$1,441

Months of leftover to save the down payment

At $2,496 left over a month, it takes about 17 months (1.4 years) to save $41,780 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.