Waterbury, CT

Rent vs buy in Waterbury

Median home $290,800. A 1 bedrooms rents for $1,362 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,362; per month
Own the median home: $2,231; P&I, tax, insurance, upkeep
Owning costs extra: $869; per month, same metro

What a purchase actually costs

20% down payment$58,160
Mortgage at 6.5%$1,470
Property tax (2.04% of value)$494/mo · $5,932/yr
Insurance and upkeep (1.1%/yr)$267
Total monthly ownership$2,231

Months of leftover to save the down payment

At $2,651 left over a month, it takes about 22 months (1.8 years) to save $58,160 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.