Traverse City, MI

Rent vs buy in Traverse City

Median home $286,500. A 1 bedrooms rents for $1,415 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,415; per month
Own the median home: $1,931; P&I, tax, insurance, upkeep
Owning costs extra: $516; per month, same metro

What a purchase actually costs

20% down payment$57,300
Mortgage at 6.5%$1,449
Property tax (0.92% of value)$220/mo · $2,636/yr
Insurance and upkeep (1.1%/yr)$263
Total monthly ownership$1,931

Months of leftover to save the down payment

At $1,950 left over a month, it takes about 30 months (2.5 years) to save $57,300 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.