Missoula, MT

Rent vs buy in Missoula

Median home $417,300. A 1 bedrooms rents for $1,209 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,209; per month
Own the median home: $2,802; P&I, tax, insurance, upkeep
Owning costs extra: $1,593; per month, same metro

What a purchase actually costs

20% down payment$83,460
Mortgage at 6.5%$2,110
Property tax (0.89% of value)$309/mo · $3,714/yr
Insurance and upkeep (1.1%/yr)$383
Total monthly ownership$2,802

Months of leftover to save the down payment

At $2,049 left over a month, it takes about 41 months (3.4 years) to save $83,460 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.