Kalamazoo, MI

Rent vs buy in Kalamazoo

Median home $227,500. A 1 bedrooms rents for $974 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $974; per month
Own the median home: $1,639; P&I, tax, insurance, upkeep
Owning costs extra: $665; per month, same metro

What a purchase actually costs

20% down payment$45,500
Mortgage at 6.5%$1,150
Property tax (1.48% of value)$281/mo · $3,367/yr
Insurance and upkeep (1.1%/yr)$209
Total monthly ownership$1,639

Months of leftover to save the down payment

At $2,362 left over a month, it takes about 20 months (1.7 years) to save $45,500 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.