Pocatello, ID

Rent vs buy in Pocatello

Median home $267,200. A 1 bedrooms rents for $864 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $864; per month
Own the median home: $1,756; P&I, tax, insurance, upkeep
Owning costs extra: $892; per month, same metro

What a purchase actually costs

20% down payment$53,440
Mortgage at 6.5%$1,351
Property tax (0.72% of value)$160/mo · $1,924/yr
Insurance and upkeep (1.1%/yr)$245
Total monthly ownership$1,756

Months of leftover to save the down payment

At $2,108 left over a month, it takes about 26 months (2.2 years) to save $53,440 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.