Palm Bay, FL

Rent vs buy in Palm Bay

Median home $304,400. A 1 bedrooms rents for $1,413 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,413; per month
Own the median home: $1,996; P&I, tax, insurance, upkeep
Owning costs extra: $583; per month, same metro

What a purchase actually costs

20% down payment$60,880
Mortgage at 6.5%$1,539
Property tax (0.70% of value)$178/mo · $2,131/yr
Insurance and upkeep (1.1%/yr)$279
Total monthly ownership$1,996

Months of leftover to save the down payment

At $2,320 left over a month, it takes about 27 months (2.3 years) to save $60,880 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.