Watertown, NY

Rent vs buy in Watertown

Median home $181,000. A 1 bedrooms rents for $1,087 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,087; per month
Own the median home: $1,319; P&I, tax, insurance, upkeep
Owning costs extra: $232; per month, same metro

What a purchase actually costs

20% down payment$36,200
Mortgage at 6.5%$915
Property tax (1.58% of value)$238/mo · $2,860/yr
Insurance and upkeep (1.1%/yr)$166
Total monthly ownership$1,319

Months of leftover to save the down payment

At $2,082 left over a month, it takes about 18 months (1.5 years) to save $36,200 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.