Provo, UT

Rent vs buy in Provo

Median home $487,200. A 1 bedrooms rents for $1,294 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,294; per month
Own the median home: $3,097; P&I, tax, insurance, upkeep
Owning costs extra: $1,803; per month, same metro

What a purchase actually costs

20% down payment$97,440
Mortgage at 6.5%$2,464
Property tax (0.46% of value)$187/mo · $2,241/yr
Insurance and upkeep (1.1%/yr)$447
Total monthly ownership$3,097

Months of leftover to save the down payment

At $1,777 left over a month, it takes about 55 months (4.6 years) to save $97,440 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.