Gainesville, GA

Rent vs buy in Gainesville

Median home $313,600. A 1 bedrooms rents for $1,299 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,299; per month
Own the median home: $2,072; P&I, tax, insurance, upkeep
Owning costs extra: $773; per month, same metro

What a purchase actually costs

20% down payment$62,720
Mortgage at 6.5%$1,586
Property tax (0.76% of value)$199/mo · $2,383/yr
Insurance and upkeep (1.1%/yr)$287
Total monthly ownership$2,072

Months of leftover to save the down payment

At $1,977 left over a month, it takes about 32 months (2.7 years) to save $62,720 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.