Lawton, OK

Rent vs buy in Lawton

Median home $151,500. A 1 bedrooms rents for $805 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $805; per month
Own the median home: $1,017; P&I, tax, insurance, upkeep
Owning costs extra: $212; per month, same metro

What a purchase actually costs

20% down payment$30,300
Mortgage at 6.5%$766
Property tax (0.89% of value)$112/mo · $1,348/yr
Insurance and upkeep (1.1%/yr)$139
Total monthly ownership$1,017

Months of leftover to save the down payment

At $2,319 left over a month, it takes about 14 months (1.2 years) to save $30,300 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.