Fayetteville, AR

Rent vs buy in Fayetteville

Median home $273,400. A 1 bedrooms rents for $1,144 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,144; per month
Own the median home: $1,777; P&I, tax, insurance, upkeep
Owning costs extra: $633; per month, same metro

What a purchase actually costs

20% down payment$54,680
Mortgage at 6.5%$1,382
Property tax (0.63% of value)$144/mo · $1,722/yr
Insurance and upkeep (1.1%/yr)$251
Total monthly ownership$1,777

Census ACS 2023: 35.5% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,401 left over a month, it takes about 23 months (1.9 years) to save $54,680 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.