Rent vs Buy in Monroe, LA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Monroe, LA
Price-to-rent ratio is 13.0 (under 15 favors buying, over 21 favors renting). Renting costs $995/mo; owning runs about $1,157/mo — $162/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $821 |
| Property tax | $142 |
| Home insurance | $65 |
| Maintenance | $129 |
| Total to own | $1,157 |
| Average 2BR rent | $995 |
Based on a median home value of $154,989 with a $30,998 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.