Springfield, MA

Rent vs buy in Springfield

Median home $276,300. A 1 bedrooms rents for $1,522 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,522; per month
Own the median home: $2,012; P&I, tax, insurance, upkeep
Owning costs extra: $490; per month, same metro

What a purchase actually costs

20% down payment$55,260
Mortgage at 6.5%$1,397
Property tax (1.57% of value)$361/mo · $4,338/yr
Insurance and upkeep (1.1%/yr)$253
Total monthly ownership$2,012

Months of leftover to save the down payment

At $2,104 left over a month, it takes about 27 months (2.3 years) to save $55,260 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.