Little Rock, AR

Rent vs buy in Little Rock

Median home $199,300. A 1 bedrooms rents for $899 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $899; per month
Own the median home: $1,303; P&I, tax, insurance, upkeep
Owning costs extra: $404; per month, same metro

What a purchase actually costs

20% down payment$39,860
Mortgage at 6.5%$1,008
Property tax (0.68% of value)$113/mo · $1,355/yr
Insurance and upkeep (1.1%/yr)$183
Total monthly ownership$1,303

Months of leftover to save the down payment

At $2,788 left over a month, it takes about 15 months (1.3 years) to save $39,860 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.