New Haven, CT

Rent vs buy in New Haven

Median home $328,300. A 1 bedrooms rents for $1,730 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,730; per month
Own the median home: $2,516; P&I, tax, insurance, upkeep
Owning costs extra: $786; per month, same metro

What a purchase actually costs

20% down payment$65,660
Mortgage at 6.5%$1,660
Property tax (2.03% of value)$555/mo · $6,664/yr
Insurance and upkeep (1.1%/yr)$301
Total monthly ownership$2,516

Months of leftover to save the down payment

At $2,219 left over a month, it takes about 30 months (2.5 years) to save $65,660 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.