Harrisburg, PA

Rent vs buy in Harrisburg

Median home $239,100. A 1 bedrooms rents for $1,141 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,141; per month
Own the median home: $1,689; P&I, tax, insurance, upkeep
Owning costs extra: $548; per month, same metro

What a purchase actually costs

20% down payment$47,820
Mortgage at 6.5%$1,209
Property tax (1.31% of value)$261/mo · $3,132/yr
Insurance and upkeep (1.1%/yr)$219
Total monthly ownership$1,689

Months of leftover to save the down payment

At $2,701 left over a month, it takes about 18 months (1.5 years) to save $47,820 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.