Waterloo, IA

Rent vs buy in Waterloo

Median home $186,100. A 1 bedrooms rents for $761 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $761; per month
Own the median home: $1,340; P&I, tax, insurance, upkeep
Owning costs extra: $579; per month, same metro

What a purchase actually costs

20% down payment$37,220
Mortgage at 6.5%$941
Property tax (1.47% of value)$228/mo · $2,736/yr
Insurance and upkeep (1.1%/yr)$171
Total monthly ownership$1,340

Months of leftover to save the down payment

At $2,793 left over a month, it takes about 14 months (1.2 years) to save $37,220 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.