Jackson, TN

Rent vs buy in Jackson

Median home $168,600. A 1 bedrooms rents for $1,134 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,134; per month
Own the median home: $1,096; P&I, tax, insurance, upkeep
Owning is cheaper: $38; per month, same metro

What a purchase actually costs

20% down payment$33,720
Mortgage at 6.5%$853
Property tax (0.63% of value)$89/mo · $1,062/yr
Insurance and upkeep (1.1%/yr)$155
Total monthly ownership$1,096

Months of leftover to save the down payment

At $2,284 left over a month, it takes about 15 months (1.3 years) to save $33,720 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.