Grants Pass, OR

Rent vs buy in Grants Pass

Median home $383,100. A 1 bedrooms rents for $1,111 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,111; per month
Own the median home: $2,458; P&I, tax, insurance, upkeep
Owning costs extra: $1,347; per month, same metro

What a purchase actually costs

20% down payment$76,620
Mortgage at 6.5%$1,937
Property tax (0.53% of value)$169/mo · $2,030/yr
Insurance and upkeep (1.1%/yr)$351
Total monthly ownership$2,458

Months of leftover to save the down payment

At $1,396 left over a month, it takes about 55 months (4.6 years) to save $76,620 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.