McAllen, TX

Rent vs buy in McAllen

Median home $124,000. A 1 bedrooms rents for $861 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $861; per month
Own the median home: $923; P&I, tax, insurance, upkeep
Owning costs extra: $62; per month, same metro

What a purchase actually costs

20% down payment$24,800
Mortgage at 6.5%$627
Property tax (1.76% of value)$182/mo · $2,182/yr
Insurance and upkeep (1.1%/yr)$114
Total monthly ownership$923

Months of leftover to save the down payment

At $2,374 left over a month, it takes about 11 months (0.9 years) to save $24,800 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.