Rocky Mount, NC

Rent vs buy in Rocky Mount

Median home $153,000. A 1 bedrooms rents for $763 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $763; per month
Own the median home: $1,022; P&I, tax, insurance, upkeep
Owning costs extra: $259; per month, same metro

What a purchase actually costs

20% down payment$30,600
Mortgage at 6.5%$774
Property tax (0.85% of value)$108/mo · $1,301/yr
Insurance and upkeep (1.1%/yr)$140
Total monthly ownership$1,022

Months of leftover to save the down payment

At $2,407 left over a month, it takes about 13 months (1.1 years) to save $30,600 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.