Lafayette, LA

Rent vs buy in Lafayette

Median home $206,900. A 1 bedrooms rents for $1,055 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,055; per month
Own the median home: $1,324; P&I, tax, insurance, upkeep
Owning costs extra: $269; per month, same metro

What a purchase actually costs

20% down payment$41,380
Mortgage at 6.5%$1,046
Property tax (0.51% of value)$88/mo · $1,055/yr
Insurance and upkeep (1.1%/yr)$190
Total monthly ownership$1,324

Months of leftover to save the down payment

At $2,618 left over a month, it takes about 16 months (1.3 years) to save $41,380 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.