Johnson City, TN

Rent vs buy in Johnson City

Median home $199,100. A 1 bedrooms rents for $1,041 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,041; per month
Own the median home: $1,281; P&I, tax, insurance, upkeep
Owning costs extra: $240; per month, same metro

What a purchase actually costs

20% down payment$39,820
Mortgage at 6.5%$1,007
Property tax (0.55% of value)$91/mo · $1,095/yr
Insurance and upkeep (1.1%/yr)$183
Total monthly ownership$1,281

Months of leftover to save the down payment

At $2,312 left over a month, it takes about 18 months (1.5 years) to save $39,820 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.