St. George, UT

Rent vs buy in St. George

Median home $465,600. A 1 bedrooms rents for $1,362 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,362; per month
Own the median home: $2,956; P&I, tax, insurance, upkeep
Owning costs extra: $1,594; per month, same metro

What a purchase actually costs

20% down payment$93,120
Mortgage at 6.5%$2,354
Property tax (0.45% of value)$175/mo · $2,095/yr
Insurance and upkeep (1.1%/yr)$427
Total monthly ownership$2,956

Months of leftover to save the down payment

At $1,681 left over a month, it takes about 56 months (4.7 years) to save $93,120 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.