Hagerstown, MD

Rent vs buy in Hagerstown

Median home $258,300. A 1 bedrooms rents for $1,168 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,168; per month
Own the median home: $1,689; P&I, tax, insurance, upkeep
Owning costs extra: $521; per month, same metro

What a purchase actually costs

20% down payment$51,660
Mortgage at 6.5%$1,306
Property tax (0.68% of value)$146/mo · $1,756/yr
Insurance and upkeep (1.1%/yr)$237
Total monthly ownership$1,689

Months of leftover to save the down payment

At $2,302 left over a month, it takes about 23 months (1.9 years) to save $51,660 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.