Greenville, NC

Rent vs buy in Greenville

Median home $194,300. A 1 bedrooms rents for $1,086 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,086; per month
Own the median home: $1,298; P&I, tax, insurance, upkeep
Owning costs extra: $212; per month, same metro

What a purchase actually costs

20% down payment$38,860
Mortgage at 6.5%$982
Property tax (0.85% of value)$138/mo · $1,652/yr
Insurance and upkeep (1.1%/yr)$178
Total monthly ownership$1,298

Months of leftover to save the down payment

At $2,144 left over a month, it takes about 19 months (1.6 years) to save $38,860 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.