Las Cruces, NM

Rent vs buy in Las Cruces

Median home $205,400. A 1 bedrooms rents for $847 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $847; per month
Own the median home: $1,343; P&I, tax, insurance, upkeep
Owning costs extra: $496; per month, same metro

What a purchase actually costs

20% down payment$41,080
Mortgage at 6.5%$1,039
Property tax (0.68% of value)$116/mo · $1,397/yr
Insurance and upkeep (1.1%/yr)$188
Total monthly ownership$1,343

Months of leftover to save the down payment

At $2,075 left over a month, it takes about 20 months (1.7 years) to save $41,080 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.