Tuscaloosa, AL

Rent vs buy in Tuscaloosa

Median home $217,100. A 1 bedrooms rents for $938 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $938; per month
Own the median home: $1,355; P&I, tax, insurance, upkeep
Owning costs extra: $417; per month, same metro

What a purchase actually costs

20% down payment$43,420
Mortgage at 6.5%$1,098
Property tax (0.32% of value)$58/mo · $695/yr
Insurance and upkeep (1.1%/yr)$199
Total monthly ownership$1,355

Months of leftover to save the down payment

At $2,021 left over a month, it takes about 22 months (1.8 years) to save $43,420 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.