Grand Junction, CO

Rent vs buy in Grand Junction

Median home $349,400. A 1 bedrooms rents for $1,264 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,264; per month
Own the median home: $2,201; P&I, tax, insurance, upkeep
Owning costs extra: $937; per month, same metro

What a purchase actually costs

20% down payment$69,880
Mortgage at 6.5%$1,767
Property tax (0.39% of value)$114/mo · $1,363/yr
Insurance and upkeep (1.1%/yr)$320
Total monthly ownership$2,201

Months of leftover to save the down payment

At $2,120 left over a month, it takes about 33 months (2.8 years) to save $69,880 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.