Jefferson City, MO

Rent vs buy in Jefferson City

Median home $203,900. A 1 bedrooms rents for $744 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $744; per month
Own the median home: $1,347; P&I, tax, insurance, upkeep
Owning costs extra: $603; per month, same metro

What a purchase actually costs

20% down payment$40,780
Mortgage at 6.5%$1,031
Property tax (0.76% of value)$129/mo · $1,550/yr
Insurance and upkeep (1.1%/yr)$187
Total monthly ownership$1,347

Months of leftover to save the down payment

At $2,891 left over a month, it takes about 15 months (1.3 years) to save $40,780 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.