Salem, OR

Rent vs buy in Salem

Median home $389,800. A 1 bedrooms rents for $1,272 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,272; per month
Own the median home: $2,614; P&I, tax, insurance, upkeep
Owning costs extra: $1,342; per month, same metro

What a purchase actually costs

20% down payment$77,960
Mortgage at 6.5%$1,971
Property tax (0.88% of value)$286/mo · $3,430/yr
Insurance and upkeep (1.1%/yr)$357
Total monthly ownership$2,614

Months of leftover to save the down payment

At $1,611 left over a month, it takes about 49 months (4.1 years) to save $77,960 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.