Santa Fe, NM

Rent vs buy in Santa Fe

Median home $416,900. A 1 bedrooms rents for $1,468 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,468; per month
Own the median home: $2,667; P&I, tax, insurance, upkeep
Owning costs extra: $1,199; per month, same metro

What a purchase actually costs

20% down payment$83,380
Mortgage at 6.5%$2,108
Property tax (0.51% of value)$177/mo · $2,126/yr
Insurance and upkeep (1.1%/yr)$382
Total monthly ownership$2,667

Months of leftover to save the down payment

At $1,981 left over a month, it takes about 43 months (3.6 years) to save $83,380 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.