Midland, TX

Rent vs buy in Midland

Median home $290,300. A 1 bedrooms rents for $1,273 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,273; per month
Own the median home: $2,036; P&I, tax, insurance, upkeep
Owning costs extra: $763; per month, same metro

What a purchase actually costs

20% down payment$58,060
Mortgage at 6.5%$1,468
Property tax (1.25% of value)$302/mo · $3,629/yr
Insurance and upkeep (1.1%/yr)$266
Total monthly ownership$2,036

Months of leftover to save the down payment

At $3,475 left over a month, it takes about 17 months (1.4 years) to save $58,060 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.