Topeka, KS

Rent vs buy in Topeka

Median home $172,200. A 1 bedrooms rents for $1,038 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,038; per month
Own the median home: $1,234; P&I, tax, insurance, upkeep
Owning costs extra: $196; per month, same metro

What a purchase actually costs

20% down payment$34,440
Mortgage at 6.5%$871
Property tax (1.43% of value)$205/mo · $2,462/yr
Insurance and upkeep (1.1%/yr)$158
Total monthly ownership$1,234

Months of leftover to save the down payment

At $2,596 left over a month, it takes about 14 months (1.2 years) to save $34,440 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.