Kansas City, MO

Rent vs buy in Kansas City

Median home $265,400. A 1 bedrooms rents for $1,184 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,184; per month
Own the median home: $1,835; P&I, tax, insurance, upkeep
Owning costs extra: $651; per month, same metro

What a purchase actually costs

20% down payment$53,080
Mortgage at 6.5%$1,342
Property tax (1.13% of value)$250/mo · $2,999/yr
Insurance and upkeep (1.1%/yr)$243
Total monthly ownership$1,835

Census ACS 2023: 42.5% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,595 left over a month, it takes about 21 months (1.8 years) to save $53,080 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.