Odessa, TX

Rent vs buy in Odessa

Median home $190,500. A 1 bedrooms rents for $1,174 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,174; per month
Own the median home: $1,341; P&I, tax, insurance, upkeep
Owning costs extra: $167; per month, same metro

What a purchase actually costs

20% down payment$38,100
Mortgage at 6.5%$963
Property tax (1.28% of value)$203/mo · $2,438/yr
Insurance and upkeep (1.1%/yr)$175
Total monthly ownership$1,341

Months of leftover to save the down payment

At $3,079 left over a month, it takes about 13 months (1.1 years) to save $38,100 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.