Greeley, CO

Rent vs buy in Greeley

Median home $444,500. A 1 bedrooms rents for $1,270 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,270; per month
Own the median home: $2,840; P&I, tax, insurance, upkeep
Owning costs extra: $1,570; per month, same metro

What a purchase actually costs

20% down payment$88,900
Mortgage at 6.5%$2,248
Property tax (0.50% of value)$185/mo · $2,223/yr
Insurance and upkeep (1.1%/yr)$407
Total monthly ownership$2,840

Months of leftover to save the down payment

At $2,691 left over a month, it takes about 34 months (2.8 years) to save $88,900 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.