Sebastian, FL

Rent vs buy in Sebastian

Median home $314,700. A 1 bedrooms rents for $1,541 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,541; per month
Own the median home: $2,071; P&I, tax, insurance, upkeep
Owning costs extra: $530; per month, same metro

What a purchase actually costs

20% down payment$62,940
Mortgage at 6.5%$1,591
Property tax (0.73% of value)$191/mo · $2,297/yr
Insurance and upkeep (1.1%/yr)$288
Total monthly ownership$2,071

Months of leftover to save the down payment

At $1,852 left over a month, it takes about 34 months (2.8 years) to save $62,940 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.