Rent vs Buy in Jackson, TN
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Jackson, TN
Price-to-rent ratio is 15.3 (under 15 favors buying, over 21 favors renting). Renting costs $1,236/mo; owning runs about $1,699/mo — $463/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,206 |
| Property tax | $209 |
| Home insurance | $95 |
| Maintenance | $190 |
| Total to own | $1,699 |
| Average 2BR rent | $1,236 |
Based on a median home value of $227,653 with a $45,531 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.