Hot Springs, AR

Rent vs buy in Hot Springs

Median home $176,400. A 1 bedrooms rents for $842 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $842; per month
Own the median home: $1,130; P&I, tax, insurance, upkeep
Owning costs extra: $288; per month, same metro

What a purchase actually costs

20% down payment$35,280
Mortgage at 6.5%$892
Property tax (0.52% of value)$76/mo · $917/yr
Insurance and upkeep (1.1%/yr)$162
Total monthly ownership$1,130

Months of leftover to save the down payment

At $2,159 left over a month, it takes about 17 months (1.4 years) to save $35,280 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.