Rochester, NY

Rent vs buy in Rochester

Median home $190,100. A 1 bedrooms rents for $1,229 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,229; per month
Own the median home: $1,516; P&I, tax, insurance, upkeep
Owning costs extra: $287; per month, same metro

What a purchase actually costs

20% down payment$38,020
Mortgage at 6.5%$961
Property tax (2.40% of value)$380/mo · $4,562/yr
Insurance and upkeep (1.1%/yr)$174
Total monthly ownership$1,516

Census ACS 2023: 47.2% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,511 left over a month, it takes about 16 months (1.3 years) to save $38,020 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.