Oklahoma City, OK

Rent vs buy in Oklahoma City

Median home $214,700. A 1 bedrooms rents for $972 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $972; per month
Own the median home: $1,451; P&I, tax, insurance, upkeep
Owning costs extra: $479; per month, same metro

What a purchase actually costs

20% down payment$42,940
Mortgage at 6.5%$1,086
Property tax (0.94% of value)$168/mo · $2,018/yr
Insurance and upkeep (1.1%/yr)$197
Total monthly ownership$1,451

Census ACS 2023: 44.2% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,536 left over a month, it takes about 17 months (1.4 years) to save $42,940 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.