Lewiston, ME

Rent vs buy in Lewiston

Median home $232,000. A 1 bedrooms rents for $1,297 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,297; per month
Own the median home: $1,629; P&I, tax, insurance, upkeep
Owning costs extra: $332; per month, same metro

What a purchase actually costs

20% down payment$46,400
Mortgage at 6.5%$1,173
Property tax (1.26% of value)$244/mo · $2,923/yr
Insurance and upkeep (1.1%/yr)$213
Total monthly ownership$1,629

Months of leftover to save the down payment

At $1,986 left over a month, it takes about 24 months (2.0 years) to save $46,400 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.