Rent vs Buy in Provo, UT
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Provo, UT
Price-to-rent ratio is 30.0 (under 15 favors buying, over 21 favors renting). Renting costs $1,355/mo; owning runs about $3,606/mo — $2,251/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $2,548 |
| Property tax | $448 |
| Home insurance | $204 |
| Maintenance | $407 |
| Total to own | $3,606 |
| Average 2BR rent | $1,355 |
Based on a median home value of $488,517 with a $97,703 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.