Harrisonburg, VA

Rent vs buy in Harrisonburg

Median home $284,800. A 1 bedrooms rents for $1,410 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,410; per month
Own the median home: $1,841; P&I, tax, insurance, upkeep
Owning costs extra: $431; per month, same metro

What a purchase actually costs

20% down payment$56,960
Mortgage at 6.5%$1,440
Property tax (0.59% of value)$140/mo · $1,680/yr
Insurance and upkeep (1.1%/yr)$261
Total monthly ownership$1,841

Months of leftover to save the down payment

At $1,437 left over a month, it takes about 40 months (3.3 years) to save $56,960 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.