El Paso, TX

Rent vs buy in El Paso

Median home $167,000. A 1 bedrooms rents for $995 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $995; per month
Own the median home: $1,290; P&I, tax, insurance, upkeep
Owning costs extra: $295; per month, same metro

What a purchase actually costs

20% down payment$33,400
Mortgage at 6.5%$844
Property tax (2.10% of value)$292/mo · $3,507/yr
Insurance and upkeep (1.1%/yr)$153
Total monthly ownership$1,290

Census ACS 2023: 48.4% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,561 left over a month, it takes about 14 months (1.2 years) to save $33,400 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.