Salisbury, MD

Rent vs buy in Salisbury

Median home $228,300. A 1 bedrooms rents for $1,444 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,444; per month
Own the median home: $1,531; P&I, tax, insurance, upkeep
Owning costs extra: $87; per month, same metro

What a purchase actually costs

20% down payment$45,660
Mortgage at 6.5%$1,154
Property tax (0.88% of value)$167/mo · $2,009/yr
Insurance and upkeep (1.1%/yr)$209
Total monthly ownership$1,531

Months of leftover to save the down payment

At $1,399 left over a month, it takes about 33 months (2.8 years) to save $45,660 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.