Trenton, NJ

Rent vs buy in Trenton

Median home $351,000. A 1 bedrooms rents for $2,114 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $2,114; per month
Own the median home: $2,831; P&I, tax, insurance, upkeep
Owning costs extra: $717; per month, same metro

What a purchase actually costs

20% down payment$70,200
Mortgage at 6.5%$1,775
Property tax (2.51% of value)$734/mo · $8,810/yr
Insurance and upkeep (1.1%/yr)$322
Total monthly ownership$2,831

Months of leftover to save the down payment

At $2,031 left over a month, it takes about 35 months (2.9 years) to save $70,200 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.