Vineland, NJ

Rent vs buy in Vineland

Median home $205,600. A 1 bedrooms rents for $1,320 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,320; per month
Own the median home: $1,650; P&I, tax, insurance, upkeep
Owning costs extra: $330; per month, same metro

What a purchase actually costs

20% down payment$41,120
Mortgage at 6.5%$1,040
Property tax (2.46% of value)$421/mo · $5,058/yr
Insurance and upkeep (1.1%/yr)$188
Total monthly ownership$1,650

Months of leftover to save the down payment

At $1,678 left over a month, it takes about 25 months (2.1 years) to save $41,120 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.