Rent vs Buy in Lowell, MA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Lowell, MA
Price-to-rent ratio is 18.2 (under 15 favors buying, over 21 favors renting). Renting costs $2,242/mo; owning runs about $3,648/mo — $1,406/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $2,589 |
| Property tax | $448 |
| Home insurance | $204 |
| Maintenance | $407 |
| Total to own | $3,648 |
| Average 2BR rent | $2,242 |
Based on a median home value of $488,813 with a $97,763 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.