Racine, WI

Rent vs buy in Racine

Median home $239,400. A 1 bedrooms rents for $1,123 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,123; per month
Own the median home: $1,769; P&I, tax, insurance, upkeep
Owning costs extra: $646; per month, same metro

What a purchase actually costs

20% down payment$47,880
Mortgage at 6.5%$1,211
Property tax (1.70% of value)$339/mo · $4,070/yr
Insurance and upkeep (1.1%/yr)$219
Total monthly ownership$1,769

Months of leftover to save the down payment

At $2,665 left over a month, it takes about 18 months (1.5 years) to save $47,880 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.