Pensacola, FL

Rent vs buy in Pensacola

Median home $260,500. A 1 bedrooms rents for $1,346 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,346; per month
Own the median home: $1,686; P&I, tax, insurance, upkeep
Owning costs extra: $340; per month, same metro

What a purchase actually costs

20% down payment$52,100
Mortgage at 6.5%$1,317
Property tax (0.60% of value)$130/mo · $1,563/yr
Insurance and upkeep (1.1%/yr)$239
Total monthly ownership$1,686

Months of leftover to save the down payment

At $2,216 left over a month, it takes about 24 months (2.0 years) to save $52,100 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.