Hartford, CT

Rent vs buy in Hartford

Median home $309,300. A 1 bedrooms rents for $1,614 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,614; per month
Own the median home: $2,306; P&I, tax, insurance, upkeep
Owning costs extra: $692; per month, same metro

What a purchase actually costs

20% down payment$61,860
Mortgage at 6.5%$1,564
Property tax (1.78% of value)$459/mo · $5,506/yr
Insurance and upkeep (1.1%/yr)$284
Total monthly ownership$2,306

Census ACS 2023: 46.7% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,408 left over a month, it takes about 26 months (2.2 years) to save $61,860 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.