St. Cloud, MN

Rent vs buy in St. Cloud

Median home $254,200. A 1 bedrooms rents for $979 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $979; per month
Own the median home: $1,734; P&I, tax, insurance, upkeep
Owning costs extra: $755; per month, same metro

What a purchase actually costs

20% down payment$50,840
Mortgage at 6.5%$1,285
Property tax (1.02% of value)$216/mo · $2,593/yr
Insurance and upkeep (1.1%/yr)$233
Total monthly ownership$1,734

Months of leftover to save the down payment

At $2,607 left over a month, it takes about 20 months (1.7 years) to save $50,840 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.