Muncie, IN

Rent vs buy in Muncie

Median home $127,600. A 1 bedrooms rents for $737 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $737; per month
Own the median home: $845; P&I, tax, insurance, upkeep
Owning costs extra: $108; per month, same metro

What a purchase actually costs

20% down payment$25,520
Mortgage at 6.5%$645
Property tax (0.78% of value)$83/mo · $995/yr
Insurance and upkeep (1.1%/yr)$117
Total monthly ownership$845

Months of leftover to save the down payment

At $2,124 left over a month, it takes about 13 months (1.1 years) to save $25,520 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.