Kiryas Joel, NY

Rent vs buy in Kiryas Joel

Median home $364,400. A 1 bedrooms rents for $1,692 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,692; per month
Own the median home: $2,830; P&I, tax, insurance, upkeep
Owning costs extra: $1,138; per month, same metro

What a purchase actually costs

20% down payment$72,880
Mortgage at 6.5%$1,843
Property tax (2.15% of value)$653/mo · $7,835/yr
Insurance and upkeep (1.1%/yr)$334
Total monthly ownership$2,830

Months of leftover to save the down payment

At $1,923 left over a month, it takes about 38 months (3.2 years) to save $72,880 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.