Grand Forks, ND

Rent vs buy in Grand Forks

Median home $232,900. A 1 bedrooms rents for $925 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $925; per month
Own the median home: $1,603; P&I, tax, insurance, upkeep
Owning costs extra: $678; per month, same metro

What a purchase actually costs

20% down payment$46,580
Mortgage at 6.5%$1,178
Property tax (1.09% of value)$212/mo · $2,539/yr
Insurance and upkeep (1.1%/yr)$213
Total monthly ownership$1,603

Months of leftover to save the down payment

At $2,855 left over a month, it takes about 17 months (1.4 years) to save $46,580 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.