State College, PA

Rent vs buy in State College

Median home $308,100. A 1 bedrooms rents for $1,318 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,318; per month
Own the median home: $2,115; P&I, tax, insurance, upkeep
Owning costs extra: $797; per month, same metro

What a purchase actually costs

20% down payment$61,620
Mortgage at 6.5%$1,558
Property tax (1.07% of value)$275/mo · $3,297/yr
Insurance and upkeep (1.1%/yr)$282
Total monthly ownership$2,115

Months of leftover to save the down payment

At $1,626 left over a month, it takes about 38 months (3.2 years) to save $61,620 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.