Lexington Park, MD

Rent vs buy in Lexington Park

Median home $414,100. A 1 bedrooms rents for $1,593 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,593; per month
Own the median home: $2,774; P&I, tax, insurance, upkeep
Owning costs extra: $1,181; per month, same metro

What a purchase actually costs

20% down payment$82,820
Mortgage at 6.5%$2,094
Property tax (0.87% of value)$300/mo · $3,603/yr
Insurance and upkeep (1.1%/yr)$380
Total monthly ownership$2,774

Months of leftover to save the down payment

At $3,203 left over a month, it takes about 26 months (2.2 years) to save $82,820 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.