Jacksonville, FL

Rent vs buy in Jacksonville

Median home $308,900. A 1 bedrooms rents for $1,286 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,286; per month
Own the median home: $2,046; P&I, tax, insurance, upkeep
Owning costs extra: $760; per month, same metro

What a purchase actually costs

20% down payment$61,780
Mortgage at 6.5%$1,562
Property tax (0.78% of value)$201/mo · $2,409/yr
Insurance and upkeep (1.1%/yr)$283
Total monthly ownership$2,046

Months of leftover to save the down payment

At $2,709 left over a month, it takes about 23 months (1.9 years) to save $61,780 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.