Springfield, OH

Rent vs buy in Springfield

Median home $155,900. A 1 bedrooms rents for $746 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $746; per month
Own the median home: $1,094; P&I, tax, insurance, upkeep
Owning costs extra: $348; per month, same metro

What a purchase actually costs

20% down payment$31,180
Mortgage at 6.5%$788
Property tax (1.25% of value)$162/mo · $1,949/yr
Insurance and upkeep (1.1%/yr)$143
Total monthly ownership$1,094

Months of leftover to save the down payment

At $2,565 left over a month, it takes about 13 months (1.1 years) to save $31,180 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.