Rent vs Buy in Indianapolis, IN
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Indianapolis, IN
Price-to-rent ratio is 15.2 (under 15 favors buying, over 21 favors renting). Renting costs $1,283/mo; owning runs about $1,744/mo — $461/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,237 |
| Property tax | $214 |
| Home insurance | $97 |
| Maintenance | $195 |
| Total to own | $1,744 |
| Average 2BR rent | $1,283 |
Based on a median home value of $233,674 with a $46,735 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.