Fairbanks, AK

Rent vs buy in Fairbanks

Median home $282,500. A 1 bedrooms rents for $1,386 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,386; per month
Own the median home: $1,984; P&I, tax, insurance, upkeep
Owning costs extra: $598; per month, same metro

What a purchase actually costs

20% down payment$56,500
Mortgage at 6.5%$1,428
Property tax (1.26% of value)$297/mo · $3,560/yr
Insurance and upkeep (1.1%/yr)$259
Total monthly ownership$1,984

Months of leftover to save the down payment

At $2,544 left over a month, it takes about 23 months (1.9 years) to save $56,500 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.