Rent vs Buy in Birmingham, AL
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Birmingham, AL
Price-to-rent ratio is 9.1 (under 15 favors buying, over 21 favors renting). Renting costs $1,267/mo; owning runs about $1,017/mo — $250/mo less to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $718 |
| Property tax | $126 |
| Home insurance | $57 |
| Maintenance | $115 |
| Total to own | $1,017 |
| Average 2BR rent | $1,267 |
Based on a median home value of $137,701 with a $27,540 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.