Rockford, IL

Rent vs buy in Rockford

Median home $162,600. A 1 bedrooms rents for $929 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $929; per month
Own the median home: $1,301; P&I, tax, insurance, upkeep
Owning costs extra: $372; per month, same metro

What a purchase actually costs

20% down payment$32,520
Mortgage at 6.5%$822
Property tax (2.43% of value)$329/mo · $3,951/yr
Insurance and upkeep (1.1%/yr)$149
Total monthly ownership$1,301

Months of leftover to save the down payment

At $2,394 left over a month, it takes about 14 months (1.2 years) to save $32,520 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.