Longview, TX

Rent vs buy in Longview

Median home $178,200. A 1 bedrooms rents for $833 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $833; per month
Own the median home: $1,232; P&I, tax, insurance, upkeep
Owning costs extra: $399; per month, same metro

What a purchase actually costs

20% down payment$35,640
Mortgage at 6.5%$901
Property tax (1.13% of value)$168/mo · $2,014/yr
Insurance and upkeep (1.1%/yr)$163
Total monthly ownership$1,232

Months of leftover to save the down payment

At $2,666 left over a month, it takes about 14 months (1.2 years) to save $35,640 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.