Tucson, AZ

Rent vs buy in Tucson

Median home $286,900. A 1 bedrooms rents for $1,022 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,022; per month
Own the median home: $1,860; P&I, tax, insurance, upkeep
Owning costs extra: $838; per month, same metro

What a purchase actually costs

20% down payment$57,380
Mortgage at 6.5%$1,451
Property tax (0.61% of value)$146/mo · $1,750/yr
Insurance and upkeep (1.1%/yr)$263
Total monthly ownership$1,860

Census ACS 2023: 48.5% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,518 left over a month, it takes about 23 months (1.9 years) to save $57,380 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.