Lafayette, IN

Rent vs buy in Lafayette

Median home $204,300. A 1 bedrooms rents for $954 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $954; per month
Own the median home: $1,326; P&I, tax, insurance, upkeep
Owning costs extra: $372; per month, same metro

What a purchase actually costs

20% down payment$40,860
Mortgage at 6.5%$1,033
Property tax (0.62% of value)$106/mo · $1,267/yr
Insurance and upkeep (1.1%/yr)$187
Total monthly ownership$1,326

Months of leftover to save the down payment

At $2,068 left over a month, it takes about 20 months (1.7 years) to save $40,860 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.