Jackson, MS

Rent vs buy in Jackson

Median home $188,500. A 1 bedrooms rents for $1,200 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,200; per month
Own the median home: $1,242; P&I, tax, insurance, upkeep
Owning costs extra: $42; per month, same metro

What a purchase actually costs

20% down payment$37,700
Mortgage at 6.5%$953
Property tax (0.74% of value)$116/mo · $1,395/yr
Insurance and upkeep (1.1%/yr)$173
Total monthly ownership$1,242

Months of leftover to save the down payment

At $2,014 left over a month, it takes about 19 months (1.6 years) to save $37,700 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.