Rent vs Buy in Roanoke, VA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Roanoke, VA
Price-to-rent ratio is 20.6 (under 15 favors buying, over 21 favors renting). Renting costs $1,141/mo; owning runs about $2,106/mo — $965/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,494 |
| Property tax | $259 |
| Home insurance | $118 |
| Maintenance | $235 |
| Total to own | $2,106 |
| Average 2BR rent | $1,141 |
Based on a median home value of $282,167 with a $56,433 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.