Rome, GA

Rent vs buy in Rome

Median home $194,100. A 1 bedrooms rents for $1,028 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,028; per month
Own the median home: $1,289; P&I, tax, insurance, upkeep
Owning costs extra: $261; per month, same metro

What a purchase actually costs

20% down payment$38,820
Mortgage at 6.5%$981
Property tax (0.80% of value)$129/mo · $1,553/yr
Insurance and upkeep (1.1%/yr)$178
Total monthly ownership$1,289

Months of leftover to save the down payment

At $1,927 left over a month, it takes about 21 months (1.8 years) to save $38,820 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.