Lakeland, FL

Rent vs buy in Lakeland

Median home $240,000. A 1 bedrooms rents for $1,334 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,334; per month
Own the median home: $1,582; P&I, tax, insurance, upkeep
Owning costs extra: $248; per month, same metro

What a purchase actually costs

20% down payment$48,000
Mortgage at 6.5%$1,214
Property tax (0.74% of value)$148/mo · $1,776/yr
Insurance and upkeep (1.1%/yr)$220
Total monthly ownership$1,582

Months of leftover to save the down payment

At $2,074 left over a month, it takes about 24 months (2.0 years) to save $48,000 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.