Midland, MI

Rent vs buy in Midland

Median home $184,300. A 1 bedrooms rents for $920 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $920; per month
Own the median home: $1,331; P&I, tax, insurance, upkeep
Owning costs extra: $411; per month, same metro

What a purchase actually costs

20% down payment$36,860
Mortgage at 6.5%$932
Property tax (1.50% of value)$230/mo · $2,765/yr
Insurance and upkeep (1.1%/yr)$169
Total monthly ownership$1,331

Months of leftover to save the down payment

At $2,804 left over a month, it takes about 14 months (1.2 years) to save $36,860 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.