Kingston, NY

Rent vs buy in Kingston

Median home $315,100. A 1 bedrooms rents for $1,567 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,567; per month
Own the median home: $2,392; P&I, tax, insurance, upkeep
Owning costs extra: $825; per month, same metro

What a purchase actually costs

20% down payment$63,020
Mortgage at 6.5%$1,593
Property tax (1.94% of value)$509/mo · $6,113/yr
Insurance and upkeep (1.1%/yr)$289
Total monthly ownership$2,392

Months of leftover to save the down payment

At $2,294 left over a month, it takes about 28 months (2.3 years) to save $63,020 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.