Kingsport, TN

Rent vs buy in Kingsport

Median home $182,500. A 1 bedrooms rents for $932 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $932; per month
Own the median home: $1,181; P&I, tax, insurance, upkeep
Owning costs extra: $249; per month, same metro

What a purchase actually costs

20% down payment$36,500
Mortgage at 6.5%$923
Property tax (0.60% of value)$91/mo · $1,095/yr
Insurance and upkeep (1.1%/yr)$167
Total monthly ownership$1,181

Months of leftover to save the down payment

At $2,549 left over a month, it takes about 15 months (1.3 years) to save $36,500 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.