Lawrence, KS

Rent vs buy in Lawrence

Median home $281,600. A 1 bedrooms rents for $913 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $913; per month
Own the median home: $1,975; P&I, tax, insurance, upkeep
Owning costs extra: $1,062; per month, same metro

What a purchase actually costs

20% down payment$56,320
Mortgage at 6.5%$1,424
Property tax (1.25% of value)$293/mo · $3,520/yr
Insurance and upkeep (1.1%/yr)$258
Total monthly ownership$1,975

Months of leftover to save the down payment

At $2,145 left over a month, it takes about 27 months (2.3 years) to save $56,320 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.