Syracuse, NY

Rent vs buy in Syracuse

Median home $175,300. A 1 bedrooms rents for $1,251 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,251; per month
Own the median home: $1,421; P&I, tax, insurance, upkeep
Owning costs extra: $170; per month, same metro

What a purchase actually costs

20% down payment$35,060
Mortgage at 6.5%$886
Property tax (2.56% of value)$374/mo · $4,488/yr
Insurance and upkeep (1.1%/yr)$161
Total monthly ownership$1,421

Months of leftover to save the down payment

At $2,262 left over a month, it takes about 16 months (1.3 years) to save $35,060 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.